, Columnist
Powell Was Great. The Federal Reserve’s Policy Messaging Was Not
An exemplary man exits.
Photographer: Li Rui/Xinhua via Getty Images
Federal Reserve chair Jerome Powell steps down this month after proving himself an exemplary public servant. Compelled to deal with a president intent on telling the central bank what to do, his response was exactly right. Reluctant to confront the White House until he had no choice, he then did so firmly, without needless drama or any trace of ego. For the moment, the US still has an independent central bank.
As its leadership changes, its independence cannot be taken for granted — but Powell did as much as anyone could and deserves the country’s thanks.