Federal Reserve Chair Jerome Powell on Sunday stood by the U.S. central bank’s response to the COVID pandemic, urging graduates to lead with integrity amid President Donald Trump’s relentless attacks on U.S. institutions.
In a speech for Princeton’s Baccalaureate service for the class of 2025, Powell, who graduated from the school in 1975, spoke about the biggest challenge he’s experienced during his time at the Fed — responding to the crisis fueled by the COVID pandemic.
Powell acknowledged the “aggressive efforts” the central bank had to undertake during that turbulent period, which included cutting interest rates to near-zero.
“Through the joint efforts of many, we avoided the worst outcomes,” Powell said. “It is hard to imagine the pressure that people feel at a time like that. Their collective efforts save our economy, and the career civil servants involved deserve our respect and gratitude. It is my great honor to serve alongside them.”
Powell remarked on the country’s leading role around the globe, praising American universities as “the envy of the world and a crucial national asset” amid Trump’s attacks on academic institutions, including his legal battle with Harvard.
“Look around you, and I urge you to take none of this for granted,” Powell said. “When you look back in 50 years, you will want to know that you’ve done whatever it takes to preserve and strengthen our democracy and bring us ever closer to the founders’ timeless ideals.”
Powell has repeatedly faced Trump’s wrath over the Fed’s interest rates decisions. Earlier this month, Trump called Powell a “FOOL, who doesn’t have a clue” after the central bank decided to leave rates unchanged, citing concerns about inflation and unemployment figures potentially rising.
Still, despite the heat he has faced as a result of his high-profile job, Powell advised graduates not to shy away from public service.
“You will never regret that choice,” he said, before sharing what he described as a “key point.”
He said, “50 years from now, you want to be able to look in the mirror and know that you did what you thought was right in every part of your life. At the end of the day, our integrity is all we have. Guard it carefully.”
Powell was first nominated to serve as Fed chair by Trump in 2018. Former President Joe Biden chose to renominate him for a second term which is set to expire in May 2026.