Powell reflects on legacy, highlights Fed's avoidance of 2022 recession

12 articles · Updated · Barron's · Apr 29

In recent speeches at Princeton and Harvard, Powell emphasized the Fed's success in averting a widely predicted 2022 recession, with the economy growing 2.5% by end-2024 and inflation falling.
Powell, whose term ends May 15, described the Fed's role as building resilient institutions rather than preventing every crisis, and urged students to value integrity and public service.
He acknowledged some regrets but stressed learning from failure, noting the labor market remained near full employment despite aggressive rate hikes and economic uncertainty during his tenure.

Could rising global tensions unravel the Fed's hard-won economic stability?

How might a 'regime change' under the next Fed chair reshape the U.S. economy?

After the most aggressive rate hikes in 40 years, why is inflation still a threat?

Was Powell's 'soft landing' a historic achievement or a stroke of luck?

What does the Fed's 'levee-building' mission mean for the next financial crisis?

Is Jerome Powell the modern-day Paul Volcker in his fight for central bank independence?