From the Pandemic to Trump’s Political Pressure: The Legacy of Powell’s Leadership at the Fed

NEW YORK, KOMPAS.com - After eight years in office spanning three administrations, 66 interest rate-setting meetings, a global pandemic, a criminal investigation, and various attacks from the administration of US President Donald Trump, Jerome Powell closed his final policy meeting as Federal Reserve (The Fed) Chair on Wednesday, 29 April 2026, US time.

However, Powell is not truly leaving the central bank. Although his term as Chair ends on 15 May, he will remain on The Fed’s interest rate-setting committee as a Governor, serving out a parallel term.

Powell stated that he feels the need to stay until the US Department of Justice’s investigation into him is fully and transparently resolved.

“Truly completed in a transparent and thorough manner,” Powell said, quoted from CNN, Friday (1 May 2026).

“I have a job that I swore to do, and all I think about is how many people depend on us to make the right decisions. It’s not an easy job, but it’s a responsibility we took on with full awareness,” he explained.

Regarding how he wants to be remembered for his leadership at The Fed, Powell said to leave that judgement to others.

Nevertheless, his leadership journey reflects several important phases in US monetary policy.

At the start of the Covid-19 pandemic, Powell took swift action by holding an emergency monetary policy meeting on 3 March 2020, when coronavirus cases began to rise.

In the first emergency meeting since the 2008 global financial crisis, The Fed cut interest rates by half a percentage point.

He acknowledged that the rate cut would not directly reduce infection rates or fix disrupted supply chains. However, the policy was expected to support parts of the economy.

Less than two weeks later, Powell held another emergency meeting, this time on a Sunday. In that session, The Fed cut interest rates by another full percentage point, bringing them close to zero.