{"id":1297584,"date":"2023-05-25T15:10:55","date_gmt":"2023-05-25T19:10:55","guid":{"rendered":"https:\/\/bugaluu.com\/news\/the-publics-trust-in-the-fed-is-at-multi-decade-lows\/1297584\/"},"modified":"2023-05-25T15:10:55","modified_gmt":"2023-05-25T19:10:55","slug":"the-publics-trust-in-the-fed-is-at-multi-decade-lows","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/the-publics-trust-in-the-fed-is-at-multi-decade-lows\/1297584\/","title":{"rendered":"The Public’s Trust In The Fed Is At Multi-Decade Lows"},"content":{"rendered":"
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The Public’s Trust In The Fed Is At Multi-Decade Lows<\/span><\/p>\n

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Each year, Gallup conducts a survey of American adults on various economic topics, including the country\u2019s central bank, the Federal Reserve.<\/p>\n

More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy<\/strong>.<\/p>\n

Visual Capitalist’s Marcus Lu and Bhabna Banerjee<\/a> visualized these results from 2001 to 2023 to see how confidence levels have changed over time.<\/p>\n<\/p>\n

Methodology and Results<\/h2>\n

The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a \u201cgreat deal\u201d or \u201cfair amount\u201d of confidence.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Year<\/strong><\/th>\nFed chair<\/strong><\/th>\n% Great deal or Fair amount<\/strong><\/th>\n<\/tr>\n<\/thead>\n
2023<\/td>\nJerome Powell<\/td>\n36%<\/td>\n<\/tr>\n
2022<\/td>\nJerome Powell<\/td>\n43%<\/td>\n<\/tr>\n
2021<\/td>\nJerome Powell<\/td>\n55%<\/td>\n<\/tr>\n
2020<\/td>\nJerome Powell<\/td>\n58%<\/td>\n<\/tr>\n
2019<\/td>\nJerome Powell<\/td>\n50%<\/td>\n<\/tr>\n
2018<\/td>\nJerome Powell<\/td>\n45%<\/td>\n<\/tr>\n
2017<\/td>\nJanet Yellen<\/td>\n45%<\/td>\n<\/tr>\n
2016<\/td>\nJanet Yellen<\/td>\n38%<\/td>\n<\/tr>\n
2015<\/td>\nJanet Yellen<\/td>\n42%<\/td>\n<\/tr>\n
2014<\/td>\nJanet Yellen<\/td>\n37%<\/td>\n<\/tr>\n
2013<\/td>\nBen Bernanke<\/td>\n42%<\/td>\n<\/tr>\n
2012<\/td>\nBen Bernanke<\/td>\n39%<\/td>\n<\/tr>\n
2011<\/td>\nBen Bernanke<\/td>\n41%<\/td>\n<\/tr>\n
2010<\/td>\nBen Bernanke<\/td>\n44%<\/td>\n<\/tr>\n
2009<\/td>\nBen Bernanke<\/td>\n49%<\/td>\n<\/tr>\n
2008<\/td>\nBen Bernanke<\/td>\n47%<\/td>\n<\/tr>\n
2007<\/td>\nBen Bernanke<\/td>\n50%<\/td>\n<\/tr>\n
2006<\/td>\nBen Bernanke<\/td>\n41%<\/td>\n<\/tr>\n
2005<\/td>\nAlan Greenspan<\/td>\n56%<\/td>\n<\/tr>\n
2004<\/td>\nAlan Greenspan<\/td>\n61%<\/td>\n<\/tr>\n
2003<\/td>\nAlan Greenspan<\/td>\n65%<\/td>\n<\/tr>\n
2002<\/td>\nAlan Greenspan<\/td>\n69%<\/td>\n<\/tr>\n
2001<\/td>\nAlan Greenspan<\/td>\n74%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Data for 2023 collected April 3-25, with this statement put to respondents: \u201cPlease tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.\u201d<\/em><\/p>\n

We can see that trust in the Federal Reserve has fluctuated significantly in recent years.<\/p>\n

For example, under\u00a0Alan Greenspan<\/strong>, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble\u2014which some attribute to Greenspan\u2019s easy credit policies\u2014resulted in a sharp decline.<\/p>\n

On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell\u2019s decisive actions to provide support to the U.S. economy throughout the crisis.<\/p>\n

Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.<\/p>\n

Confidence Now on the Decline<\/h2>\n

After peaking at 58%, those with a \u201cgreat deal\u201d or \u201cfair amount\u201d of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.<\/p>\n

This is likely due to Powell\u2019s hard stance on fighting post-pandemic inflation, which has involved\u00a0raising interest rates<\/a>\u00a0at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:<\/p>\n