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Cullen Roche, industry influencer, gives Jerome Powell a final grade of C+ for his tenure as Federal Reserve Chairman. Roche views Powell as generally competent but believes his reliance on the "transitory" explanation for inflation, especially during the largest period of fiscal expansion in the U.S., justifies a substantial downgrade.
Roche points out that while evaluating in hindsight is easier, the Federal Reserve did not act in a sufficiently countercyclical manner during this significant fiscal phase.
Roche has previously critiqued risk measures, arguing that a fund’s volatility calculation fails to account for historical $5% drawdowns. He has also discussed changes at brokerages, noting that firms are shifting costs to retail investors as mutual funds decline. These comments highlight his focus on financial system metrics and investor impacts.