Jerome Powell: Steering the US Fed through COVID-19 and political pressures

On Friday, Jerome Powell’s term as chair of the United States Federal Reserve Board of Governors will come to a close after months of tension between the White House and the central bank, as US President Donald Trump pushes for more aggressive interest rate cuts. Powell’s term ends on May 15, and he will be succeeded by Trump appointee Kevin Warsh, who served on the central bank’s board of governors from 2006 to 2011. Powell will continue on the board as a governor after stepping down as chair. Recommended Stories list of 4 items end of list Powell, who was first appointed by Trump in 2018, said he planned to stay on to help preserve the central bank’s independence. The announcement came after Trump said he would fire Powell if he remained at the Fed beyond the end of his term as chair. Al Jazeera takes a look back at the central bank chair’s career. Trump tensions Powell’s tenure as Fed chair during Trump’s second term has been marked by political pressure as Trump pushed for more aggressive interest rate cuts than the Fed was willing to implement. Powell stressed the central bank’s independence and consistently deflected criticism and rhetoric from the president, who gave him the nickname “Too Late Powell” in reference to the Fed’s hesitancy to cut rates quickly and sharply. Under Powell’s leadership, the Fed did not begin cutting interest rates until September. …