Only 36 percent of Americans are confident Federal Reserve Chairman Jerome Powell is doing the right thing for the economy, according to a Gallup survey released Tuesday.
That’s the lowest figure on record for a Fed chair since the pollster started tracking Americans’ views in 2001. Last year, 43 percent said they were confident in Powell’s handle on the economy.
Four percent of respondents said they have a “great deal” of confidence in Powell, while 32 percent said they have a “fair amount.” Just 21 percent of Republicans are confident in Powell, who is a Republican, compared to 60 percent of Democrats.
Americans’ views of Powell declined as inflation ramped up. Confidence in Powell sat at 58 percent in 2020, before prices began to spike.
While inflation has moderated from its historic pace, prices remain elevated. And the economy faces the threat of a recession as the Fed’s interest rate hikes raise borrowing costs and slow economic growth.
Powell has said the Fed will do whatever it takes to tame inflation, even if it leads to millions of job losses in the short term. He acknowledged last week that rapid rate hikes typically lead to a recession, but he said he’s hopeful the U.S. can avoid that scenario thanks to its strong labor market.
“It’s possible that this time is really different,” Powell told reporters Wednesday.
The 36 percent rating for Powell is lower than former Fed Chairman Ben Bernanke’s around the time of the 2008 financial crisis and the ensuing recession, according to Gallup.
Although that’s historically low, it comes as Americans generally lack confidence in their leaders’ ability to lead the economy. President Biden’s rating sat at only 35 percent, nearly matching former President George W. Bush’s 34 percent rating in 2008.