crashbandicootswitchgames| Gallup poll: Americans 'confidence in Powell is close to historical lows

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2024-05-08
A new Gallup poll findsCrashbandicootswitchgamesAmerican consumers are deeply dissatisfied with the stubborn inflation and high pricesC...

A new Gallup poll findsCrashbandicootswitchgamesAmerican consumers are deeply dissatisfied with the stubborn inflation and high pricesCrashbandicootswitchgamesIt is hard for Jerome Powell to shake off his label of the worst-rated Fed chairman in nearly 25 years.

According to the survey, 39 percent of American adults say they have "great" or "considerable" confidence in the Fed chairman doing the right thing for the economy. This is slightly higher than the 36 per cent when price increases were even higher a year ago. The range of fluctuation is within the margin of error of 4 percentage points in the poll.

Powell and his Fed colleagues were slow to respond to the surge in inflation, with prices rising at levels not seen since the early 1980s in 2022. The Fed began to raise interest rates last year and inflation fell rapidly, but it is still above the central bank's target and recent data suggest that progress may have stalled.

crashbandicootswitchgames| Gallup poll: Americans 'confidence in Powell is close to historical lows

Since then, policymakers have kept borrowing costs at their highest level in more than two decades, complicating President Joe Biden's efforts to restore economic confidence in an election year.

In fact, political factors are the main reason why Powell's satisfaction is difficult to rise.

Powell has repeatedly said that politics and elections do not play any role in the Fed's decisions.

Trump nominated Powell as chairman of the Federal Reserve in 2017, and Biden gave him another five-year term in 2021. Trump has said he will not keep Powell in office when his term expires in 2026 if he is re-elected.

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