Credibility Concerns — Gallop Poll Shows Fed Chair’s Confidence Ratings Slid by Double Digits

Credibility Concerns — Gallop Poll Shows Fed Chair’s Confidence Ratings Slid by Double Digits

According to a Gallop poll published on May 2, the public’s confidence in America’s current economic leaders has been deteriorating. Confidence in U.S. president Joe Biden managing the U.S. economy has dropped from 57% to 40%, and faith in Federal Reserve chair Jerome Powell has faltered from 55% to 43%. The April 2022 Gallop poll, published amid the highest inflationary pressure the country has seen in decades, indicates trust in economic leaders is at its lowest point since 2008. Americans Are Not Confident in Current Leaders Managing the Economy

After the largest monetary expansion the country has seen in its entire lifetime, faith in America’s economic leaders is “flagging,” according to a recently published Gallop poll.

The poll was conducted via telephone interviews on April 1-19, 2022, with 1,018 adult U.S. residents. The Gallop poll particpants resided in all 50 states and the District of Columbia. Furthermore, the survey was done before U.S. gross domestic product report, and the recent Federal Reserve rate hike. The Gallop survey authors state: Public confidence in key U.S. leaders’ management of the national economy is shaken amid the highest inflation rate in more than 40 years and Americans’ increasingly bleak assessments of the national economy and their own financial situations.

Average Americans are not the only ones who believe the Fed and current economic leaders have lost credibility. A number of analysts, financial authors and economists like Peter Schiff, Robert Kiyosaki, Gerald Celente and many others don’t believe the Fed can save the day. As far as the Gallop poll is concerned, “confidence ratings for all leaders are below historical averages for each,” the report’s authors explain. Powell Says He’s Not Concerned About Credibility, Gallop Poll Shows Faith in Democratic Leaders Is Lower Than the Confidence in Republican Leaders

On May 4, when Fed chair Jerome Powell was asked directly if he was “concerned about Fed credibility with the American people,” Powell said that he was not.

“No. I don’t,” Powell told the Bloomberg Television reporter Mike McKee. “A good example of why would be that, so in the fourth quarter of last year, as we started talking about tapering sooner and then raising rates this year. You saw financial markets reacting. You know, very appropriately.” The Federal Reserve chief added: Not to bless any particular day’s measure. But the way financial markets, you know, the forward rate curve has tightened in response to our guidance and our actions really amplifies our policy. I mean, its monetary policy is working through expectations now, to a very large extent.

Moreover, Powell also told the Bloomberg reporter that the U.S. central bank decided to choose the June 1 date to “begin letting securities roll off” on a mere whim. “It was just pick a date, you know, and that happens to be that happened to be the date that we picked,” Powell stressed to McKee. “[There] was nothing magic about it. You know, it’s not going to have any macroeconomic significance over time,” he added.

The Gallop poll shows that since U.S. inflation has risen a great deal, “Americans’ confidence ratings for Biden’s and Powell’s economic management declined by double digits.” The poll says less than half of American adults said they have “‘a great deal’ or ‘a fair amount’ of confidence” in Biden’s and Powell’s economic management. Powell scored a 43% and Joe Biden scored an even lower 40%. Moreover, Gallop’s stats indicate faith in Democratic leaders (38%) is currently lower than the trust in Republican leaders (40%) when it comes to managing the U.S. economy. Tags in this story 2008, Biden Economy, Bloomberg reporter, Bloomberg Television, Confidence, confidence lacks, credibility, Decade, Democratic, economic management, Gallop Poll, Gerald Celente, inflation, jerome powell, Joe Biden, Mike McKee, Peter Schiff, Powell Economy, Republican, robert kiyosaki, US Central Bank, US Fed, US Federal Reserve

What do you think about the Gallop poll that shows trust in America’s current economic leaders is lagging? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Majority of Russia’s Financial Pyramids in Q1 Linked to Crypto, Scammers Exploit Sanctions Topic NEWS | 23 hours ago Apartment Sold for Bitcoin in Portugal After New Regulation Allows Property Deals in Crypto NEWS | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Halts $62 Million Crypto Mining, Trading Scheme — DOJ Indicts Founder Next articleCoinbase Warns Some Russian Users Their Accounts May Be Blocked, Report Reveals Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike