Public confidence in the Fed chair is near record lows: Only 37% of US adults say they have a “great deal” or a “fair amount” of confidence that the Fed Chair will do the right thing for the economy, according to a Gallup survey. For Powell, now in his second term as chair, this is the second-worst reading. By comparison, confidence peaked at 58% in 2020. This century, the only other time confidence was this low was during Janet Yellen’s term in 2014. The Fed is facing a crisis of confidence.(The Kobeissi Letter)