jackpotslots| The Federal Reserve Chairman has the worst reputation in the past 25 years! Americans have no confidence in Powell, Biden's situation is worse

Financial Associated Press, May 8 (editor Xiaoxiang) as Americans are less optimistic about the state of the US economy than in previous monthsJackpotslotsAt the same time, concerns about inflation persistJackpotslotsTheir confidence in incumbent U.S. president Joe Biden to give effective advice or do the right thing for the economy is one of the lowest Gallup surveys of any president since 2001.

At the same time, Biden is not the only one facing strong public skepticism-because of stubborn inflation and high prices, US consumers are deeply dissatisfied with it. Federal Reserve Chairman Colin Powell has also struggled to shake off his label of the worst-rated Fed chairman in nearly 25 years.

The findings come from a Gallup poll on the economy and personal finances conducted from April 1 to 22.

During the survey, the Bureau of Labor Statistics released its latest consumer price index (CPI), which shows that US prices remain high: CPI rose 3% in March from a year earlier.Jackpotslots.5%, the highest level since September last year.

American confidence in Powell is near an all-time low

According to the latest Gallup poll, only 39 per cent of US adults say they have "a lot" or "considerable" confidence in the Fed chairman doing the right thing for the economy. although this proportion is slightly higher than the 36 per cent when price increases were higher a year ago, it is still at the bottom of the confidence data for the Fed chairman over the past 25 years.

Although Powell's rescue measures at the beginning of the epidemic once won him the support of the American people. But it didn't last long, and with prices rising at levels not seen since the early 1980s in 2022, Powell and his Fed colleagues were widely accused of being slow to respond to soaring inflation.

The Fed has pushed inflation data back down through a series of aggressive interest rate hikes over the past two years, but overall prices are still well above the Fed's 2 per cent target, and recent data suggest that downward price progress may have stalled.

From the specific composition of the opinion poll, to a large extent, political factors are becoming the main reason why Powell's satisfaction is difficult to rise. Former US President Donald Trump had previously hinted that Powell might use his influence to help Democrats win the November election, so only 30 per cent of Republicans expressed confidence in Powell-only about half of 56 per cent of Democrats.

Trump nominated Colin Powell as Fed chairman in 2017, but was later dissatisfied with the Fed chairman, whom he appointed. Breaking with the longstanding tradition of the US government, Mr Trump publicly reprimanded the Fed leader, first attacking his decision to raise interest rates and then reprimanding him for not cutting rates fast enough after the epidemic. Trump has recently threatened that if he is re-elected president, he will not keep Powell in office when his term expires in 2026.

In fact, the decline in political factors and Powell's wind reviews may also bring more uncertainty to the Fed's next interest rate decisions.

On the one hand, recent expectations in the interest rate market have once again moved the window of the Fed's first rate cut back to September, but that date is too close to the November general election, and if the Fed does cut interest rates, Trump and Republicans will inevitably provide excuses for attack.

On the other hand, it is hard to say whether the United States will experience secondary inflation or even stagflation. Powell's experience of "mistaking inflation for a temporary period" will inevitably once again call into question the Fed's current judgment on the economy and the direction of inflation.

Powell has repeatedly said that politics and elections will not play any role in the Fed's decision-making.

Is it worse for Biden?

It is worth mentioning that Americans now have even less confidence in Biden's ability to deal with economic problems than Federal Reserve Chairman Colin Powell. Every year since George W. Bush took office in 2001, Gallup has tracked confidence in the president's ability to do the right thing for the economy.

According to the latest poll, only 38% of American adults say they have "great" or "considerable" confidence in Biden doing the right thing for the economy. The percentage is significantly lower than that of Trump, Biden's opponent in the November election.

Judging from the history of the above polls, Biden's satisfaction with economic confidence at the beginning of taking office in 2021 was more than 50%, but it was also the only year in which he was satisfied with half of his tenure. At present, American confidence in Biden's ability to deal with economic problems is only slightly stronger than in the last year before George W. Bush left office, when the global financial crisis broke out.

Interestingly, during the term of office of former US President Donald Trump, the proportion of American public confidence in Trump has never exceeded 50%. Trump's current satisfaction index is basically the same as his last year in office-better than Biden, but at best "vegetable and chicken pecking each other"....

Overall, the Gallup poll shows that the American public's assessment of the US economy is quite pessimistic and they lack confidence in the ability of US leaders to manage the economy properly. While Democrats trust Biden and Powell on the economic front, while Republicans trust Trump-relatively few independents trust any leader currently involved in managing the economy. The end result is that, unlike in 2021, no key figure who can influence the economy can win the trust of most Americans.