Powell says he will stay on Fed board as a governor until legal threats 'well and truly over'

Jerome Powell's term as Fed chair is ending, but he will stay on as a governor until legal threats are resolved. When Covid hit, the Fed quickly lowered rates to zero and introduced emergency lending programs to stabilize credit markets. Critics argue that the Fed was slow to raise rates as inflation surged, leading to sharper hikes later. However, the outcome has been a 'soft landing' with inflation coming down without a major downturn. Powell's legacy may be defined by the Fed's ability to keep the system steady under pressure. The Fed's actions during the Covid crisis and subsequent inflation surge have been seen as a success in achieving a rare 'soft landing'.