May 9 (Editor Shi Zhengcheng) – Powell has become the Fed chairman with the lowest approval rating since the survey was conducted, according to a report on the approval ratings of U.S. economic leaders released Tuesday by Gallup, a leading research firm.
(Source: Gallup official website) The survey was conducted between April 3 and 25, among the thousands of respondents, Powell “may do or recommend the right thing”, feel “very trust” and “quite trust “. The proportion of only 36%. This also broke the record (37%) set in Yellen’s first year in office (2014).
Gallup has been conducting surveys of public trust in the Fed chairman since 2001. Overall, the U.S. public once had a better view of Powell than Yellen and Bernanke, which has made the slope of the trust collapse even steeper in the last two years.
(Source: Gallup) It is also easy to see from the fluctuation of the curve that the degree of public trust in the Fed is highly correlated with the health of the U.S. economy. During Powell’s two terms, the highest level of public trust in him was in April 2020. At that time, Powell’s approval rating, which had just saved the U.S. stock market (and the American people’s pensions) through the historic “cut to 0” operation, was 58%, which was also a new high since 2004.
But with the “flooding” brought bad results, the face of the continued violent rate increases Powell, the public’s approval rate also began to dive high. While the Fed fights to reduce economic and employment fever, there is also the risk of dragging the U.S. economy into recession.
Of course, the American public does not just distrust Powell, but more accurately, the entire Biden economic team. Respondents’ support for President Joe Biden on economic issues is only 35%, a step away from the 34% record low set by George W. Bush in 2008 during the financial crisis. Yellen’s approval rating is also only 37%, but since the record set by Jacob Lew in 2014 (20%) is too difficult to surpass, Yellen does not need to worry about being the least popular U.S. Treasury Secretary at this time.
As part of the survey, the U.S. public’s confidence in congressional leaders to handle the economy is roughly in the 30-40% range and is also in a state of decline overall.
(Source: Gallup) Of course, as is characteristic of the United States, respondents also show a distinct tendency toward partisan support. From the results, excluding Democratic voters who are highly supportive of Biden’s team, and Republican voters who are strongly opposed to Biden, centrists’ trust in the economic team is a bit more pessimistic than the overall data show.