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In 2018, the Federal Reserve under Chair Jerome Powell raised interest rates multiple times, prompting public criticism from President Trump.
In response to the COVID-19 pandemic, the Federal Reserve lowered interest rates to zero by mid-March 2020 and launched multiple emergency lending facilities.
The Federal Reserve's initial assessment of post-pandemic inflation as "transitory" is now widely considered a policy misstep.
Public concern over rising prices and inflation was a significant factor in President Donald Trump's victory in the 2024 election.
The U.S. Department of Justice opened a criminal investigation into the Federal Reserve's headquarters renovation and issued subpoenas to the central bank.
President Donald Trump attempted to fire Federal Reserve Governor Lisa Cook, an unprecedented action for a U.S. president.
The U.S. Department of Justice dropped its investigation into Jerome Powell to facilitate the Senate confirmation of his successor, Kevin Warsh.
Jerome Powell decided to remain at the Federal Reserve as a governor after his chairmanship, a move he made to defend the institution from political pressure from the Trump administration.
Jerome Powell's legacy will likely be defined more by his defense of Federal Reserve independence against President Trump than by his performance on inflation.
President Donald Trump nominated Jerome Powell to be the 16th chair of the Federal Reserve in 2017.
The Federal Reserve began raising interest rates to combat post-pandemic inflation in March 2022.
Inflation in the United States has remained above the Federal Reserve's target for approximately five years.