How Jerome Powell's Record Stacks Up Against Previous Fed Chairs

Off the Charts: The Visual Says It All

By

Diccon Hyatt

Full Bio Diccon Hyatt is an experienced financial and economics reporter. He's written hundreds of articles breaking down complex financial topics in plain language, emphasizing the impact that economic currents would have on individuals' finances and the market. He has a Bachelor's degree in English from the University of Delaware.

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Published April 27, 2026

04:00 PM EDT

Samuel Corum / Bloomberg via Getty Images

Key Takeaways

• Fed Chair Jerome Powell had the lowest unemployment rate during his tenure than any previous Fed chair since 1978, but the third-highest average inflation.
• Powell may be asked to reflect on his time in office on Wednesday, when he is scheduled to give his final press conference after the FOMC policy decision.
• Janet Yellen was the most successful of the last six Fed chairs at keeping both inflation and unemployment low.

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As chair of the Federal Reserve since 2018, Jerome Powell was supposed to keep inflation low and employment high. So, how did he do?

Powell is on track to have the lowest average unemployment rate and the third-highest average inflation among the six Fed chairs who have run the central bank since 1977.1 That was when Congress first directed the Fed to keep the economy running at "maximum employment" and ensure "price stability."

Inflation, as measured by Personal Consumption Expenditures, averaged 3% during Powell's tenure, above the Fed's 2% annual target and above the inflation rate when Janet Yellen, Ben Bernanke, and Alan Greenspan were in charge.

Here's how he stacks up against his predecessors:

Powell's term will end on May 15, when he will likely be replaced by Kevin Warsh, whom President Donald Trump nominated for the job. Powell was first appointed by Trump in 2018, succeeding Janet Yellen.

Each Fed chair had to steer the central bank through the economic challenges of the time. Powell's biggest hurdle was the onset of the COVID-19 pandemic and all the fallout that ensued.

The pandemic turned monetary policy upside down. Before 2020, central bankers were mainly worried that inflation was too low and were engineering ways to push it up to the Fed's 2% annual target. After the pandemic snarled supply chains and the government gave Americans trillions of dollars in stimulus money, inflation spiked and the Fed raised its benchmark interest rate in an effort to wrestle it down.

What This Means For The Economy

Jerome Powell leaves a lasting mark on the Fed, having led it through a time of economic and political upheaval. His approach to monetary policy kept unemployment lower than any other Fed chair, although he was not able to get inflation down to the Fed's goal of a 2% annual rate.

Powell's attempts to bring the economy into a "soft landing" from pandemic-induced inflation have been complicated in his final year. Tariffs kept inflation stubbornly above 2% and the war with Iran amplified inflation concerns by pushing up energy prices.

Unemployment followed a similar pattern, surging during the pandemic but tumbling to 50-year lows in the years that followed. The unemployment rate edged up in 2025 amid a hiring slowdown driven by uncertainty among business leaders about trade policy, but remained relatively low by historic standards at 4.3% as of March.

Related Education

[Federal Open Market Committee (FOMC): What It Is and Does

](https://www.investopedia.com/terms/f/fomc.asp) [Inflation: What It Is and How to Control Inflation Rates

](https://www.investopedia.com/terms/i/inflation.asp)

The economic data covering Powell's final few months in office has yet to arrive, but is unlikely to change the average much. Powell's final press conference as Fed chair is expected to take place on Wednesday, and he may take the opportunity to reflect on his eight years at the helm.

"He may be asked questions that look back on his entire term as Fed Chair," John Ryding, chief economist at Brean Capital, wrote in a commentary. "Judged by the inflation numbers, his record is not that great... Chair Powell had the best record on the labor-market leg of the dual mandate but by far the [worst] on price stability."

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Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

1. Bureau of Labor Statistics and Bureau of Economic Analysis via Federal Reserve Economic Data. "Personal Consumption Expenditures, Chain-Type Price Index; Unemployment Rate."

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