Federal Reserve Chair Jerome Powell delivered a commencement address to Princeton University’s Class of 2025, encouraging graduates to pursue public service and civic engagement, even as his tenure remains marked by economic challenges including post-pandemic inflation.
At a Glance
- Powell urged Princeton grads to embrace public service and contribute to democratic institutions
- He reflected on his own unconventional path from warehouse work to central banking
- The speech comes amid ongoing debate over the Fed’s role in addressing recent inflation
- Powell emphasized courage, humility, and integrity as keys to personal and professional success
- His remarks included commentary on public trust, economic resilience, and long-term responsibility
Personal Journey, Public Lessons
Returning to his alma mater, Federal Reserve Chair Jerome Powell addressed the graduating class of Princeton’s Woodrow Wilson School, where he earned his degree in politics in 1975. Powell shared his nontraditional early career—prioritizing music over academics and later working in a warehouse—before finding a path into public service and economic policy.
Watch the address: Powell’s Princeton Commencement Speech.
“I hope many of you will find your way to public service at some point,” he said, highlighting the role of civic responsibility in strengthening democratic institutions. He also emphasized the importance of learning from failure, taking initiative, and recognizing the role of chance in personal and professional success.
A Message Amid Economic Headwinds
Powell’s remarks come at a time when the Federal Reserve continues its efforts to stabilize inflation, following a period of rapid price increases tied to pandemic-era stimulus, global supply chain disruptions, and strong consumer demand. Inflation peaked at over 9% in 2022, the highest rate in four decades, before gradually easing in response to a series of aggressive interest rate hikes.
While Powell did not directly address monetary policy in his speech, his message about resilience and responsibility resonated in a broader economic context. For many Americans, the cost of living remains a central concern, and the Fed’s decisions under Powell have played a critical role in shaping those conditions.
Reflections on Leadership and Accountability
Powell acknowledged the influence of mentors and chance encounters, including a pivotal moment when he introduced himself to then-Treasury Secretary Nicholas Brady—an act that ultimately led him to public service. He also urged graduates to act with integrity, noting that success often involves risk, patience, and the willingness to adapt.
His call to “preserve democracy” drew attention, especially given the Federal Reserve’s unique position as an independent but influential institution within American governance. While the Fed is not subject to electoral accountability, its decisions profoundly affect economic outcomes, prompting ongoing debate about transparency and its broader role in public life.
A Thoughtful Closing Note
Concluding his address, Powell encouraged students to pursue goals they would be proud of in hindsight. His appearance offered a blend of personal reflection and public challenge, with a clear emphasis on ethical leadership in uncertain times.
As the Fed continues to navigate a complex economic landscape, Powell’s message to Princeton graduates was one of engagement, adaptability, and a sustained commitment to public trust—a reminder that long-term credibility, both personal and institutional, is built not only through outcomes, but through intent and integrity.
