Jerome Powell, the current Chair of the Federal Reserve appointed under Trump, assumed office in 2018. After much speculation, his tenure will continue unless politicians — on both sides — defeat his newly announced renomination.
President Biden explains why he's rolling with Powell:
Fundamentally, if we want to continue to build on the economic success of this year we need stability and independence at the Federal Reserve – and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs.
Biden citing Powell's leadership — not, say, intelligence or perspective — is noteworthy.
So how has the macroeconomy performed since Powell assumed office?
(When appropriate, I highlight Powell's tenure. Scroll to the last visual if you want to see the most significant economic gains.).
Unemployment rates have seen extreme highs and unprecedented lows.
Powell's tenure has included record low unemployment, the COVID lockdown, and the still-in-progress recovery.
Inflation is at its highest level in decades.
The Price of COVID is high — much higher than the Federal Reserve's 2% inflation target.
U.S. real GDP — economic growth — continues its march.
The U.S. economy is a growing monster, and has been for quite some time.
The S&P 500 loves making fools of pessimists.
Fatcats need not worry about pandemics.