Public confidence in Fed Chair Powell falls to record low

WASHINGTON (Reuters) – Public confidence in Jerome Powell leading the Federal Reserve has plummeted at a time when the central bank is declaring war on inflation, according to a new survey. According to a Gallup poll, 36 percent of U.S. adults said they were “very” or “quite” confident that the Fed chair would do or recommend the right things for the economy. That’s down from 37 percent in Yellen’s first year as Fed chair and the lowest since Gallup began tracking public confidence in central bankers in 2001. Confidence in the Fed is often closely tied to the health of the economy. But as inflation picked up and the Fed began raising interest rates, Powell’s approval rating dropped sharply.