In a speech delivered during a pre-graduation event at Princeton University, U.S. Federal Reserve Chairman Jerome Powell emphasized that integrity and serving the public good remain a rewarding choice, despite the repeated personal attacks he faces from President Donald Trump.
Powell said in his speech: "As you embark on a world full of opportunities, I urge you to accept the challenge and seize the opportunity to serve your fellow citizens; fifty years from now, you will want to look in the mirror and be confident that you did what you believed was right in every aspect of your life."
He added: "Ultimately, integrity is all you have, make sure to protect it."
Powell also described American universities as "the envy of the world and a priceless national treasure," emphasizing the importance of not underestimating their value, and he issued a warning about the threats facing higher education and democracy, as Trump intensifies his attempts to use federal government power to influence higher education institutions.
He continued: "When you look back fifty years from now, you will wish you had done everything you could to preserve and enhance our democracy and to get closer to the timeless principles established by the founding fathers."
Since taking the helm of the Federal Reserve in 2018, Powell has led the institution in the face of significant challenges, starting with the economic crisis caused by the COVID-19 pandemic, followed by an unprecedented wave of inflation, and culminating in a volatile global trade war that has confused decision-makers around the world.
Unlike most who hold the position of the U.S. central bank's chair, Powell has been subject to direct personal attacks, as Trump has not hesitated to criticize Powell, accusing him of failing to lower interest rates quickly enough, calling him "an idiot" and "a big loser," and even stating that his dismissal "could not come soon enough."
Despite the pressures, Powell maintained his silence in the face of criticism, and when asked last November whether he would resign if Trump requested it, he replied that the law does not allow for that.
In recent weeks, Federal Reserve officials have made it clear that they will keep interest rates unchanged amid the uncertainty surrounding Trump's trade policies, particularly concerning tariffs, and yet Trump has provided no evidence to support his claims that the central bank is deliberately keeping interest rates high to politically support the Democrats.
In the latest chapter of this conflict, Trump turned to his social media platform to again demand that Powell lower interest rates, writing on May 17: "Powell, who is known for always being late in his decisions, will likely miss the opportunity again, who knows??"
It is noted that the Federal Reserve previously kept the benchmark interest rate unchanged this month at a range between 4.25% and 4.5%, extending the wait-and-see approach it began in January, and central bank officials confirmed they prefer to wait and see how the U.S. economy reacts to the ongoing escalation in the trade war before making any decision about lowering interest rates.
Austan Goolsbee, president of the Chicago Federal Reserve, said in an interview with CNBC on May 23: "All options are on the table, but for me, the threshold for taking action in either direction now seems a bit higher as we await more clarity."