Fun

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

News Feed - 2022-05-09 12:05:16

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

News Feed

Bitcoin Network Activity In Bear Market Zone—Warning Or Opportunity?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail
Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail The Monetary Authority of Singapore (MAS), the regulator overseeing the
Dogecoin Traders Remain Extremely Bullish Despite Price Crash, Here Are The Numbers
Este artículo también está disponible en español. Dogecoin has maintained its consolidation path into the last 24 hours, with price data reflecting a 14.5% decline in a s
MicroStrategy set to raise $600M via convertible notes to buy more Bitcoin
Brayden Lindrea2 hours agoMicroStrategy set to raise $600M via convertible notes to buy more BitcoinThe $600 million in senior convertible notes will mature in March 2030, unless earlier repurchased, redeemed or converte
Ethereum Whale Transactions Spike – High Volume Supports Surge To $3,200
Este artículo también está disponible en español. Ethereum has reached a new local high at $3,219, marking an impressive 35% surge since last Monday. This rapid rise has
Bitfarms announces $240M mining upgrade to triple post-halving hash rate
Arijit Sarkar1 hour agoBitfarms announces $240M mining upgrade to triple post-halving hash rateBitfarms holds $66 million in cash and 806 BTC in its treasury, giving it a total liquidity of $123 million.1129 Total views2
XRP Price Forecast – Analyst Sets $4 Target After Potential Retrace
Este artículo también está disponible en español. XRP has seen a sharp 25% pullback from its recent local high of $2.90, leaving investors questioning its next move. Desp
Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade
Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade According to a recent update on Monero’s Github repository, the privacy-ce
SEC Launches Game-Show Campaign to Educate Investors in ‘a Playful Way’ – Crypto Included
SEC Launches Game-Show Campaign to Educate Investors in "a Playful Way" – Crypto Included The U.S. Securities and Exchange Commission (SEC) has launched a game-show campaign to h
SEC chair sees spot Ether ETF S-1 approvals sometime in summer 2024
Turner Wright7 hours agoSEC chair sees spot Ether ETF S-1 approvals sometime in summer 2024Some analysts had predicted that spot Ether ETFs could start trading on U.S. exchanges by the end of June, but the SEC has yet to
Mexican Billionaire Ricardo Pliego Invests 10% of Liquid Portfolio in Bitcoin- Says the Crypto Shields Against Wealth Expropriation
Mexican Billionaire Ricardo Pliego Invests 10% of Liquid Portfolio in Bitcoin- Says the Crypto Shields Against Wealth Expropriation Mexico’s second-richest
Hong Kong to Start Allowing Retail Crypto Trading in March Next Year: Report
Hong Kong to Start Allowing Retail Crypto Trading in March Next Year: Report Hong Kong is relaxing its crypto regulation to allow retail investors to trade digital assets directly.