Federal Reserve Chair Jerome Powell delivered Princeton University’s baccalaureate address on May 25, offering the Class of 2025 his blueprint for success while defending the central bank’s independence amid ongoing political pressure.
What Happened: Powell told graduates that success requires “a combination of luck, the courage to make mistakes, and a little initiative.” The Fed chair reflected on his own uncertain path after graduating 50 years ago, when he spent six months labeling shelves in a warehouse before entering law school.
“We all move at our own pace, and that’s okay,” Powell said, emphasizing that most knowledge about work and life comes after graduation. He urged students to embrace risk-taking, noting that “if you aren’t failing from time to time, you aren’t asking enough of yourself.”
The speech comes as Powell faces renewed scrutiny over the Fed’s monetary policy decisions. President Donald Trump has criticized Powell for not cutting interest rates fast enough, though Trump recently stated he has “no intention” of firing the Fed chair.
The Supreme Court recently granted Trump broader authority to remove federal agency heads but specifically exempted the Federal Reserve, calling it a “uniquely structured, quasi-private entity.”
See Also: 10-Year Yield Tops 4.55% Despite Trump’s EU Tariff Delay As Bond Market Signals Fiscal Concerns
Why It Matters: Powell highlighted a career-defining moment when initiative changed his trajectory. As a junior associate, he took the risk to approach Nicholas Brady, his firm’s leader and former U.S. senator. That brief meeting led to Powell working under Brady at the Treasury Department, ultimately opening the path to his Fed appointment.
The Fed chair stressed the importance of public service, citing the central bank’s response during the COVID-19 pandemic when “career civil servants stepped forward” to prevent economic collapse through unprecedented credit measures.
Powell concluded by emphasizing integrity as the foundation of success. “At the end of the day, your integrity is all you have,” he told graduates, urging them to pursue public service while maintaining their moral compass in an era of democratic challenges.
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