How much power does the Fed chair really have?

On paper, the Fed chair is just one vote among many. In practice, the job carries far more influence. We analyze what gives the Fed chair power.

How much power does the Fed chair really have?
U.S. Federal Reserve Chair Jerome Powell speaks during a press conference at the end of a Monetary Policy Committee meeting in Washington, D.C., on Oct. 29, 2025.

On paper, the Fed chair is just one vote among many. In practice, the job carries far more influence. We analyze what gives the Fed chair power.

(Image credit: JIM WATSON)

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