Federal Reserve Chair Jerome Powell on Sunday stood by the U.S. central bank’s response to the COVID pandemic, urging graduates to lead with integrity amid President Donald Trump’s relentless attacks on U.S. institutions.
In a speech for Princeton’s Baccalaureate service for the class of 2025, Powell, who graduated from the school in 1975, spoke about the biggest challenge he’s experienced during his time at the Fed — responding to the crisis fueled by the COVID pandemic.
Powell acknowledged the “aggressive efforts” the central bank had to undertake during that turbulent period, which included cutting interest rates to near-zero.
“Through the joint efforts of many, we avoided the worst outcomes,” Powell said. “It is hard to imagine the pressure that people feel at a time like that. Their collective efforts save our economy, and the career civil servants involved deserve our respect and gratitude. It is my great honor to serve alongside them.”
Powell remarked on the country’s leading role around the globe, praising American universities as “the envy of the world and a crucial national asset” amid Trump’s attacks on academic institutions, including his legal battle with Harvard.
