Jerome Powell launched himself into rescuing the nation's economy from the jaws of the coronavirus recession with all guns blazing.
Despite this, the White House mocked him.
Peter Navarro said Powell had "probably the worst bedside manner of any Fed chairman in history. ... The old joke in the marketing thing is, if Jay Powell was going to market sushi, he'd sell it as cold, dead fish."
The scathing remark came after Powell's remarks about the state of the US economy sent the stock market into a spiral. Even if people returned to work, he noted, the country was "still going to confront, presumably, a protracted time where many people would find it difficult to find work." His warning, along with coronavirus outbreaks across the country, triggered a stock market sell-off.
Powell has undoubtedly suffered more humiliation as Fed chairman than he has in his entire career. In fact, no Fed head has ever received as much public scorn as Powell.
President Trump, who nominated Powell, dubbed him an enemy of the state and a "fail," with "No 'guts, ' no sense, no vision! A terrible communicator!" He even mused, "Where did I find this guy Jerome?" Trump's main issue was that he was allergic to any increase in interest rates. The Fed, under Powell's leadership, had in 2018 increased interest rates by four times to prevent the economy from overheating.
Powell mostly bore the White House insults in silence during trump's era. At almost every appearance, when journalists asked him about whether he felt under pressure, Powell always responded by saying he will not cave to political pressure.
This book will inform you about the Federal Reserve Chairman's life as well as what truly transpired between him, Trump, and the Federal Reserve.
