Federal Reserve President Jerome Powell has served as the nation’s top economic policymaker since February 2018.
During that time, Powell served two U.S. presidents and dealt with high-risk, high-profile issues like a global pandemic, endemic inflationand an economy in recession.
Familiar with Washington, DC ways, Powell served as Assistant Secretary of the US Treasury Department under President George W. Bush. He is also familiar with the internal machinations of Wall Street, working as both a lawyer and an investment banker in New York.
2022 has been a volatile year for the Federal Reserve as the Fed’s Open Markets Committee raised interest rates five times. Consider that the Fed hasn’t raised interest rates more than a quarter point at a time since the year 2000, and you begin to understand the high stakes involved in steering the Federal Reserve in a period of economic peril.
With all eyes on the Federal Reserve, these are some of Powell’s biggest quotes of 2022.
Jerome Powell’s Greatest Quotes of 2022
On price stability. During an Aug. 26 speech in Jackson Hole, Wy., Powell stressed the importance of controlling inflation to stabilize the U.S. economy.
On public perception of economic policy. At the same event, Powell noted the impact of public perception on inflation.
On the Fed’s uphill battle with inflation. Powell acknowledges the difficult task the Fed faces in the face of high inflation, noting in a November speech at the Brookings Institute that it is not easy to gain even an inch on inflation.
On hopes and projects. Speaking just after the Federal Reserve raised its benchmark Federal funds rate by three-quarters of a point in September, Powell noted the grim realities of making economic public policy.
On the rebalancing of the American real estate market. Acknowledging that mortgage rates had skyrocketed in 2022, Powell called for a review of the country’s housing market
On his style of management and decision-making. Powell wants to hear all sides of an argument before making a tough decision.
On American workers and labor issues. In blaming inflation, Powell did not cite high government spending or the ongoing war in Ukraine. Instead, he pointed to the public and his paychecks.
On cryptocurrencies. Testifying before the House Financial Services Committee on the state of the economy in March 2022, Powell addressed the sensitive issue of cryptocurrencies.
“There is not the type of regulatory framework in place that needs to be there,” he added.