Jerome Powell Quotes: Best of 2022

Running the Federal Reserve at a time of high economic volatility is no easy drive. Yet Chair Jerome Powell has a firm grip on the steering wheel.

Federal Reserve Chair Jerome Powell has been on the job as the nation’s leading economic policymaker since February, 2018.

During that time Powell has served two U.S. presidents and has dealt with high-risk and high-profile issues like a global pandemic, rampant inflation, and a recessionary economy.

Wise to the ways of Washington, D.C., Powell has served as an assistant secretary of the U.S. Department of Treasury under President George W. Bush. He also knows the inner machinations of Wall Street, working as both a lawyer and investment banker in New York City.

2022 has been a volatile year for the Federal Reserve, as the Fed’s Open Markets Committee has raised interest rates five times. Consider that the Fed hadn’t hiked interest rates by more than a quarter point at a time since the year 2000, and you begin to understand the high stakes involved in leading the Federal Reserve in a period of economic peril.

With all eyes on the Federal Reserve, these are some of the biggest quotes from Powell in 2022.

The Biggest Quotes from Jerome Powell in 2022

On price stability. At an August 26 speech in Jackson Hole, Wy., Powell reinforced the importance of reining in inflation to stabilize the U.S. economy.

On the public’s perception of economic policy. At the same event, Powell noted the impact public perception has on inflation.

On the Fed’s uphill battle against inflation. Powell acknowledges the tough task the Fed faces against high inflation, noting in a November speech at the Brookings Institute that gaining even an inch on inflation isn’t easy.

On hopes and plans. Speaking just after the Federal Reserve boosted its benchmark Fed Funds rate by three-quarters of a point in September, Powell noted the grim realities of forming economic public policy.

On rebalancing the U.S. housing market. Acknowledging that mortgage rates had skyrocketed in 2022, Powell called for a reckoning on the nation’s housing market

On his management and decision-making style. Powell wants to hear all sides of an argument before making a tough call.

On U.S workers and labor problems. In assigning blame to inflation, Powell didn’t cite high government spending or the ongoing war in Ukraine. Instead, he pointed to the public and their paychecks.

On cryptocurrencies. Testifying before the House Financial Services Committee on the state of the economy in March, 2022, Powell touched on the sensitive issue of cryptocurrencies. 

"There isn’t in place the kind of regulatory framework that needs to be there,” he added.