Former Fed Chair Powell Delivers a Pointed Warning, Wrapped in Abstraction

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Economy • Central Banking
Former Fed Chair Powell Delivers a Pointed Warning, Wrapped in Abstraction

Accepting an award for political courage, the Fed governor hinted at why he broke with convention to keep his board seat

By Nick Timiraos
May 31, 2026 8:30 pm ET


Jerome Powell speaking at a news conference, with an American flag to his right.
Jerome Powell in April. Daniel Heuer/Bloomberg News

In a speech that dwelled on lofty civic themes, former Federal Reserve Chair Jerome Powell grew conspicuously specific about one thing on Sunday night: that the central bank cannot survive if any administration finds a way to remove its officials over policy disagreements.

Powell, now a Fed governor, accepted an award recognizing political courage from the family of former President John F. Kennedy at a ceremony in Boston. Speaking in generalities about institutions, the rule of law and the inheritance of American democracy, he named no president and aired no specific grievance.

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[Hugin]

1. Pretty classy.

Trump’s intimidation and threats can only go so far. He sure as heck isn’t personally going to peel himself from whatever surface he’s currently adhering to to do anything about it.

These mass resignations certainly aren’t accomplishing anything. Except giving the retumplicans their way.

Granted Jerome Powell had more gravitas as Fed Chairman than most, but there’s also power in numbers. Go ahead and do what’s correct. Make them stop you keeping in mind that they are an extreme minority.