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Jonathan Shapiro

Pimco’s man from inside the Fed says Jerome Powell not for turning

As the central bank’s former vice chairman, Richard Clarida has first-hand insights into the politics and communication challenges it faces in an age of Donald Trump.

Jerome Powell is a man under fire. The current Federal Reserve chairman is the subject of constant attacks from US President Donald Trump for his reluctance to cut interest rates, a stance set to cost him his job.

But former Fed vice chairman Richard Clarida believes the incentive is for Powell to stand his ground. His legacy depends on it.

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/pimco-s-man-from-inside-the-fed-says-jerome-powell-not-for-turning-20250710-p5me38