Jerome Powell’s Last Stand at the Fed
5/14/202622 min
A new chairman is taking over from Jerome Powell at the Federal Reserve. But Powell isn't leaving. He plans to stay on as a voting member on the Fed’s board of governors. WSJ’s Nick Timiraos reflects on Powell’s tenure and unpacks his controversial decision to remain at the central bank. Jessica Mendoza hosts. Further Listening:
- Who Is the New Fed Chair?
- Why is the Fed Chair Facing a Criminal Investigation? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
Clips
Transcript preview
First 90 secondsJessica Mendoza· Host0:00
[upbeat music] Jerome Powell was supposed to retire quietly. [gentle music] The way our colleague Nick Timiraos tells it, Powell's life after eight years leading the Fed was supposed to be simple.
Nick Timiraos· Guest0:18
Friends will tell you the picture: golf, guitar, philanthropy, time with grandkids, m- maybe a memoir somewhere down the line. Everybody has their way to relieve stress, and Powell's is to play the guitar. [laughs] Uh, Hank Williams ballads.
Jessica Mendoza· Host0:35
Less monetary policy, more Hank Williams. That was the exit plan, and tomorrow was set to be Powell's last day as the newly confirmed Fed chair takes the reins.
Nick Timiraos· Guest0:48
From people I've talked to, he was genuinely looking forward to it. He was counting down the days.
Jessica Mendoza· Host0:54
But just weeks before that exit- This is my last press conference as chair, and I will close with a few thoughts ... Powell had an announcement. He would step down as chair, but in a break from more than 75 years of Fed tradition, he would not leave the Fed After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. Almost immediately, critics pounced.
Speaker 31:27
This is a, a violation