Fed’s Messaging on Pivot Gets High Marks From Wall Street

Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve, prepares to leave at the end of a confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee in Washington, DC. on Jan. 11, 2022. Graeme Jennings-Pool/Getty Images

Federal Reserve Chair Jerome Powell won high marks from Wall Street as he dialed up expectations late last year for a more hawkish policy stance to quell rising inflation, a survey by the New York Federal Reserve published Thursday showed.

The report card is included in the New York Fed’s quarterly survey of primary dealers who assess the U.S. central bank’s communication with markets and the public, using a scale of one, for “ineffective,” to five, for “effective.”