Economics
Aug 27, 2025
Stephen S. Roach
US Federal Reserve Chair Jerome Powell’s speech at this year's Jackson Hole conference may not seem to place him among Paul Volcker and Alan Greenspan in the Pantheon of US central banking. But his ability to stay focused on managing monetary policy in an era of unprecedented political interference is an enormous achievement.
NEW HAVEN – In the long history of US central banking, Federal Reserve Chair Jerome Powell stands out as a hero. His speech at this year’s Jackson Hole Economic Policy Symposium was focused and disciplined, demonstrating solid command of analytics and well-reasoned judgment in shaping monetary policy. And he managed all of this while facing unprecedented political pressure from US President Donald Trump that has since metastasized into an attempted firing of Fed Governor Lisa Cook.
