In 2022, I started live streaming the Federal Reserve's interest rate meetings, and began listening to Powell's speeches. Although I believe Powell has made mistakes and has faced criticism, from the current perspective, as the Chairman of the Federal Reserve, Powell has done quite well.

If Powell really starts cutting interest rates in 2025 as Trump demands, then inflation in the U.S. could be even higher now, especially under the pressure of Trump's tariffs. It would be impressive if Powell can withstand this without allowing the U.S. to experience another era like Paul Volcker's.

Under the rare high inflation in the U.S. in 2022, Powell advocated for quickly raising interest rates. Although the market was full of complaints and even sacrificed Silicon Valley Bank, the U.S. has not fallen into recession so far, and the unemployment rate remains at historically low levels. If there were a different Chairman of the Federal Reserve, it would probably be the same.

The next era may be Walsh's performance time, and it is very likely that Walsh will insist on Trump's loose policies, which may not be a good thing. Currently, Trump’s approval rating in Reuters is only 34%, a historical low.

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