{
  "data_version": "1",
  "schema": "https://whatledto.com/data",
  "id": "jerome-powell",
  "name": "Jerome Powell",
  "kind": "person",
  "url": "https://whatledto.com/who/jerome-powell",
  "description": "Chair of the Federal Reserve from 2018 until his term as chair ended in 2026.",
  "same_as": [
    "https://en.wikipedia.org/wiki/Jerome_Powell"
  ],
  "timelines": [
    {
      "slug": "fed-rate-path-2025-2026",
      "title": "The Fed's Rate Path: From the 2024 Cuts to Warsh's First Meetings",
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026",
      "json": "https://whatledto.com/events/fed-rate-path-2025-2026.json",
      "role": "Fed chair through May 2026, who led the easing cycle and remained a governor after Kevin Warsh succeeded him as chair.",
      "entries": 15,
      "updated_at": "2026-10-16T02:10:22.232634+00:00"
    }
  ],
  "entries": [
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 446,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n446",
      "date": "2026-05-15",
      "date_precision": "day",
      "title": "Federal Reserve names Powell chair pro tempore",
      "summary": "The Federal Reserve Board named Jerome H. Powell chair pro tempore. Powell was to serve in that role until Kevin Warsh was sworn in as chair.",
      "type": "announcement",
      "entities": [
        "Jerome Powell",
        "Kevin Warsh",
        "Federal Reserve"
      ],
      "parties": [
        "jerome-powell",
        "kevin-warsh",
        "federal-reserve"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/other20260515a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-05-15",
          "quote": "Powell will serve as chair pro tempore until Warsh is sworn in as the new chair."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 423,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n423",
      "date": "2026-05-13",
      "date_precision": "day",
      "title": "Senate confirms Warsh 54 to 45, the narrowest vote for a Fed chair in the modern era",
      "summary": "Only Pennsylvania Democrat John Fetterman crossed party lines. The confirmation came as fresh data showed inflation well above 2 percent and producer-price pressures at a three-year high, and markets had stopped pricing cuts. Powell's chair term expired two days later; he said he would stay on the board at least until the investigation into the Fed's headquarters renovation was complete, the first former chair to remain as governor in nearly 80 years.",
      "type": "announcement",
      "entities": [
        "Kevin Warsh",
        "Jerome Powell",
        "U.S. Senate",
        "John Fetterman"
      ],
      "parties": [
        "kevin-warsh",
        "jerome-powell",
        "us-senate",
        "john-fetterman"
      ],
      "sources": [
        {
          "url": "https://www.cnbc.com/2026/05/13/kevin-warsh-wins-senate-confirmation-as-the-next-federal-reserve-chair.html",
          "outlet": "CNBC",
          "published": "2026-05-13",
          "quote": "The Senate voted 54-45 to confirm Warsh, ending a monthslong saga that began in the summer of 2025 and included an extensive search for Powell's successor. The vote was almost completely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over to vote for Warsh, who becomes the 11th Fed chair of the modern banking era."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 422,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n422",
      "date": "2026-04-29",
      "date_precision": "day",
      "title": "Four dissents at Powell's last full meeting as chair: one for a cut, three against the easing bias",
      "summary": "The FOMC held for a third meeting, describing inflation as elevated in part because of global energy prices. Miran wanted a cut, while Beth Hammack, Neel Kashkari and Lorie Logan supported holding but objected to the statement's easing bias, the widest split under Powell. The Senate Banking Committee had advanced Warsh's nomination on a party-line vote the same day.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Beth Hammack",
        "Neel Kashkari",
        "Lorie Logan"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "beth-hammack",
        "neel-kashkari",
        "lorie-logan"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260429a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-04-29",
          "quote": "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias"
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 421,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n421",
      "date": "2026-03-18",
      "date_precision": "day",
      "title": "Hold at 3.5 to 3.75 percent as Middle East developments cloud the outlook; Miran the lone dissent",
      "summary": "With oil prices rising on the conflict in the Middle East, the committee held for a second meeting and added that the implications for the U.S. economy were uncertain. Miran dissented alone for a quarter-point cut. Trump had formally sent Warsh's nomination to the Senate on March 4.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260318a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-03-18",
          "quote": "The implications of developments in the Middle East for the U.S. economy are uncertain."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 442,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n442",
      "date": "2026-03-11",
      "date_precision": "day",
      "title": "Judge Boasberg grants the Fed Board's motion to quash subpoenas",
      "summary": "Chief Judge James E. Boasberg granted the Federal Reserve Board's motion to quash Justice Department subpoenas. The ruling concerned the Powell investigation.",
      "type": "legal",
      "entities": [
        "James E. Boasberg",
        "Jerome Powell",
        "Federal Reserve",
        "U.S. Department of Justice",
        "Donald Trump"
      ],
      "parties": [
        "james-e-boasberg",
        "jerome-powell",
        "federal-reserve",
        "us-department-of-justice",
        "donald-trump"
      ],
      "sources": [
        {
          "url": "https://cases.justia.com/federal/district-courts/district-of-columbia/dcdce/1%3A2026mc00012/288962/23/0.pdf",
          "outlet": "U.S. District Court for the District of Columbia",
          "published": "2026-03-11",
          "quote": "It will therefore grant the Board's Motion to Quash."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 420,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n420",
      "date": "2026-01-30",
      "date_precision": "day",
      "title": "Trump names Kevin Warsh to succeed Powell as Fed chair",
      "summary": "Ending a search that had run since the summer of 2025 and considered nearly a dozen names, including governors Waller and Bowman, Trump announced on Truth Social that former governor Kevin Warsh, 55, would be his nominee for chair when Powell's term ended in May. Warsh, a Fed governor from 2006 to 2011 who had called for regime change at the central bank, would take the board seat held by Miran, whose term expired the next day. Gold and silver fell on the pick as markets read it as less of a threat to independence.",
      "type": "announcement",
      "entities": [
        "Donald Trump",
        "Kevin Warsh",
        "Jerome Powell",
        "Federal Reserve"
      ],
      "parties": [
        "donald-trump",
        "kevin-warsh",
        "jerome-powell",
        "federal-reserve"
      ],
      "sources": [
        {
          "url": "https://www.cnbc.com/2026/01/30/trump-nominates-kevin-warsh-for-federal-reserve-chair-to-succeed-jerome-powell.html",
          "outlet": "CNBC",
          "published": "2026-01-30",
          "quote": "President Donald Trump on Friday named Kevin Warsh to succeed Jerome Powell as Federal Reserve chair, ending a prolonged odyssey that has seen unprecedented turmoil around the central bank."
        },
        {
          "url": "https://www.whitehouse.gov/releases/2026/01/wide-acclaim-for-president-trumps-nomination-of-kevin-warsh-as-fed-chair/",
          "outlet": "The White House",
          "published": "2026-01-30",
          "quote": "Today, President Donald J. Trump announced his nomination of Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 419,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n419",
      "date": "2026-01-28",
      "date_precision": "day",
      "title": "First hold of 2026 at 3.5 to 3.75 percent; Miran and Waller dissent for a cut",
      "summary": "The committee kept rates unchanged, saying job gains had remained low but the unemployment rate showed signs of stabilising and inflation remained somewhat elevated. Governors Miran and Waller, both seen as candidates for chair, dissented in favour of a quarter-point cut. Two days later Trump announced his choice of chair.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Christopher Waller"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "christopher-waller"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260128a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-01-28",
          "quote": "Voting against this action were Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 436,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n436",
      "date": "2026-01-11",
      "date_precision": "day",
      "title": "Powell calls Justice Department subpoenas pretexts",
      "summary": "Jerome H. Powell said the Justice Department subpoenas were pretexts. The statement concerned subpoenas served on the Federal Reserve Board.",
      "type": "response",
      "entities": [
        "Jerome Powell",
        "Federal Reserve",
        "U.S. Department of Justice",
        "Donald Trump"
      ],
      "parties": [
        "jerome-powell",
        "federal-reserve",
        "us-department-of-justice",
        "donald-trump"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/speech/files/powell20260111a.pdf",
          "outlet": "Federal Reserve Board",
          "published": "2026-01-11",
          "quote": "Those are pretexts."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 418,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n418",
      "date": "2025-12-10",
      "date_precision": "day",
      "title": "Third cut of the year to 3.5 to 3.75 percent, over three dissents",
      "summary": "The FOMC delivered a third consecutive quarter-point cut, taking the range 75 basis points below its September level. Miran dissented for a larger cut while Austan Goolsbee and Jeffrey Schmid preferred to hold, the most dissents at a meeting since 2019. The projections showed only one cut in 2026, and this was the last change in the target range for at least the following nine months.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Austan Goolsbee",
        "Jeffrey Schmid"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "austan-goolsbee",
        "jeffrey-schmid"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20251210a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-12-10",
          "quote": "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting; and Austan D. Goolsbee and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 417,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n417",
      "date": "2025-10-29",
      "date_precision": "day",
      "title": "Second cut to 3.75 to 4 percent; balance-sheet runoff to end December 1; dissents in both directions",
      "summary": "With the government shut down and most official data suspended, the committee cut again and announced it would stop shrinking its securities holdings on December 1. Miran again wanted a half point while Kansas City's Jeffrey Schmid wanted no change. Powell said a December cut was far from a foregone conclusion.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Jeffrey Schmid"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "jeffrey-schmid"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20251029a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-10-29",
          "quote": "The Committee decided to conclude the reduction of its aggregate securities holdings on December 1."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 416,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n416",
      "date": "2025-09-17",
      "date_precision": "day",
      "title": "First cut of 2025: a quarter point to 4 to 4.25 percent, citing downside risks to employment",
      "summary": "The FOMC resumed easing after nine months, saying downside risks to employment had risen, and the projections showed two more cuts in 2025. Miran dissented on his first day in favour of a half-point cut; Bowman and Waller, who had dissented in July, voted with the majority. Freddie Mac's 30-year mortgage rate fell to 6.26 percent that week, the lowest in almost a year.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20250917a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-09-17",
          "quote": "In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4‑1/4 percent."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 413,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n413",
      "date": "2025-08-22",
      "date_precision": "day",
      "title": "Jackson Hole: Powell says the shifting balance of risks may warrant adjusting policy",
      "summary": "In his final Jackson Hole speech as chair Powell said the labour market was in a curious kind of balance with both supply and demand for workers slowing, that tariff effects on prices were now visible, and that with policy restrictive the baseline outlook and the shifting balance of risks might warrant a change in stance. The Fed also released its revised framework, dropping the 2020 average inflation targeting language. Markets took it as a signal for a September cut.",
      "type": "announcement",
      "entities": [
        "Jerome Powell",
        "Federal Reserve"
      ],
      "parties": [
        "jerome-powell",
        "federal-reserve"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/speech/powell20250822a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-08-22",
          "quote": "Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 412,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n412",
      "date": "2025-07-30",
      "date_precision": "day",
      "title": "Fifth straight hold at 4.25 to 4.5 percent, with two governors dissenting for a cut",
      "summary": "Governors Michelle Bowman and Christopher Waller voted for a quarter-point cut, the first time two governors had dissented together since 1993, as President Trump escalated demands for lower rates and named Powell's replacement a running theme. The statement said growth had moderated, the labour market remained solid and inflation was somewhat elevated. Trump had toured the Fed's renovation site the week before.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Michelle Bowman",
        "Christopher Waller",
        "Jerome Powell"
      ],
      "parties": [
        "federal-open-market-committee",
        "michelle-bowman",
        "christopher-waller",
        "jerome-powell"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20250730a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-07-30",
          "quote": "Voting against this action were Michelle W. Bowman and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 411,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n411",
      "date": "2024-12-18",
      "date_precision": "day",
      "title": "Third cut of 2024 takes the range to 4.25 to 4.5 percent; projections pencil in only two cuts for 2025",
      "summary": "The FOMC cut by a quarter point for the third consecutive meeting, but the new projections showed just two cuts in 2025 instead of four and Cleveland's Beth Hammack dissented for no change. Markets fell sharply and the ten-year yield rose; the range would then stay unchanged for nine months as tariffs clouded the inflation outlook.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Beth Hammack"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "beth-hammack"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20241218a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2024-12-18",
          "quote": "In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/2 percent."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 410,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n410",
      "date": "2024-09-18",
      "date_precision": "day",
      "title": "The Fed starts cutting with a half-point move to 4.75 to 5 percent",
      "summary": "After holding at 5.25 to 5.5 percent for fourteen months, the FOMC opened its easing cycle with a 50 basis point cut, saying it had gained greater confidence that inflation was moving sustainably toward 2 percent while job gains had slowed. Governor Michelle Bowman dissented in favour of a quarter point, the first dissent by a governor since 2005. Mortgage rates had already fallen to about 6.1 percent in anticipation.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Michelle Bowman"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "michelle-bowman"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20240918a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2024-09-18",
          "quote": "In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent."
        }
      ]
    }
  ],
  "often_with": [
    {
      "id": "us-government",
      "name": "U.S. government",
      "url": "https://whatledto.com/who/us-government",
      "json": "https://whatledto.com/who/us-government.json",
      "shared_timelines": 1
    },
    {
      "id": "donald-trump",
      "name": "Donald Trump",
      "url": "https://whatledto.com/who/donald-trump",
      "json": "https://whatledto.com/who/donald-trump.json",
      "shared_timelines": 1
    },
    {
      "id": "freddie-mac",
      "name": "Freddie Mac",
      "url": "https://whatledto.com/who/freddie-mac",
      "json": "https://whatledto.com/who/freddie-mac.json",
      "shared_timelines": 1
    },
    {
      "id": "bureau-of-labor-statistics",
      "name": "Bureau of Labor Statistics",
      "url": "https://whatledto.com/who/bureau-of-labor-statistics",
      "json": "https://whatledto.com/who/bureau-of-labor-statistics.json",
      "shared_timelines": 1
    },
    {
      "id": "bill-pulte",
      "name": "Bill Pulte",
      "url": "https://whatledto.com/who/bill-pulte",
      "json": "https://whatledto.com/who/bill-pulte.json",
      "shared_timelines": 1
    },
    {
      "id": "kevin-warsh",
      "name": "Kevin Warsh",
      "url": "https://whatledto.com/who/kevin-warsh",
      "json": "https://whatledto.com/who/kevin-warsh.json",
      "shared_timelines": 1
    },
    {
      "id": "federal-housing-finance-agency",
      "name": "Federal Housing Finance Agency",
      "url": "https://whatledto.com/who/federal-housing-finance-agency",
      "json": "https://whatledto.com/who/federal-housing-finance-agency.json",
      "shared_timelines": 1
    },
    {
      "id": "federal-reserve",
      "name": "Federal Reserve",
      "url": "https://whatledto.com/who/federal-reserve",
      "json": "https://whatledto.com/who/federal-reserve.json",
      "shared_timelines": 1
    }
  ],
  "license": {
    "holder": "What Led To",
    "terms": "https://whatledto.com/methodology#reuse",
    "summary": "Quote entries with attribution and a link to the entry; do not republish whole timelines or train models on the text."
  }
}