From the Editor's Desk

Why Powell and Yellen May Have Pulled Off the Impossible With the Economy

Over the past six years, Federal Reserve chairman Jerome Powell has had his fair share of critics. Donald Trump, who appointed Powell in 2018, called the Fed “crazy,” “loco,” and “out of control” after it raised interest rates that same year. In 2022, Powell got labeled “behind the curve” for having kept interest rates near zero in 2021 even as inflation was starting to rise. 

This year, he was lambasted for being behind the curve in the opposite direction, as the Fed kept rates steady in the face of what many thought was a weakening economy. And yet when Powell stood at the podium last month and announced that the Fed was cutting rates for the first time in four years, it was not the attacks on his record that came to mind, but rather the dexterous way in which he’s navigated the economy through the unprecedented macroeconomic turbulence of the past four years.  


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