Wednesday, May 31, 2023

Main Street America's Confidence in Federal Reserve Chair Jerome Powell

Remember this from Federal Reserve Chair Jerome Powell?



So, how has that worked out for Main Street America over the past year?


With that in mind, let's look at how Americans feel about the Federal Reserve and how much trust they put in this non-governmental banking cartel. A poll taken by Gallup between April 3 and April 25, 2023, found the following when asked how much confidence they had in Jerome Powell to do "the right thing for the economy":


A great deal of confidence - 4 percent


A fair amount of confidence - 32 percent


Only a little confidence - 26 percent


Almost no confidence - 28 percent


Nine percent of respondents had no opinion.


Compared to the results of a similar poll taken in 2022, confidence (a great deal or fair amount) in Jerome Powell's capabilities dropped by 7 percentage points from 43 percent in 2022 to 36 percent in 2023, the lowest rating that he has received during his six years as Federal Reserve Chairman.  It is also the lowest rating that a Fed chair has received since Gallup started this poll in 2001.


Here is a graphic showing how Jerome Powell's confidence rating compares to the previous occupiers of the Federal Reserve's chair going back to 2001:



Here is a table showing the data in detail:


Americans are showing a growing lack of confidence in the Federal Reserve's ability to improve their economic situation.  With the Fed's key interest rate approaching 20 year highs which has had a significant impact on the cost of consumer borrowing as shown here:



...with recent failures in the banking sector as shown here despite Powell's assertion that the U.S. banking sector was healthy:


...and with the odds of a recession growing by the day, Main Street America aka "the serf class" has every right to be disillusioned with the Federal Reserve's growing inability to manage the economy.  Unfortunately, given the Fed's self-granted powers, there is almost nothing that the suffering class can do about it.

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