Powell's legacy at the Fed to be shaped by his misjudging inflation and standing up to Trump - BNN Bloomberg

WASHINGTON — When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs. Now, as Powell steps down from the post after eight tumultuous years, the U.S. economy is transformed: Inflation soared after the pandemic and has remained above the Fed’s two per cent target for more than five years, angering voters and making rents, cars, and groceries harder to afford. The Fed’s key short-term rate rose to a two-decade high in 2023, even as unemployment fell to a half-century low…