Jerome Powell, Chair of the Federal Reserve, delivered the Baccalaureate address at Princeton University on Sunday, reflecting on his unconventional journey to the helm of the world’s most powerful central bank. Speaking to graduating students, Powell shared candid insights into his career trajectory, including his initial dismissal of economics as a field of study.
“I didn’t major in economics because I found it boring and useless,” Powell said, earning a mix of laughter and surprise from the audience. A Princeton alumnus with a degree in politics, Powell confessed to having no clear direction after graduation. “Many of my peers pursued law, medicine, finance, or public service. I, on the other hand, had no plan. I found myself labeling shelves in a warehouse for six months,” he recounted.
Powell described those months as a turning point. “That time in the warehouse was humbling, but it gave me clarity. It pushed me to make the most of my next opportunity: law school.” He enrolled at Georgetown University Law Center, where he discovered a newfound determination. “For the first time, I was truly resolved to succeed,” Powell told the graduates.
Following law school, Powell’s career took a winding path through investment banking and public service. He worked at the Treasury Department, held leadership roles in private equity, and eventually joined the Federal Reserve. President Barack Obama nominated him to the Fed’s Board of Governors in 2011, and the Senate confirmed him in 2012. Five years later, President Donald Trump appointed Powell as Chair of the Federal Reserve, a role he has continued under President Joe Biden’s administration.
Despite his success, Powell admitted he initially underestimated the importance of economics. “After 13 years at the Fed, I can confidently say I was wrong. Economics is far from boring or useless. It is foundational to understanding how the world works and how we can influence it for the better,” he said.
Powell’s address wasn’t limited to personal anecdotes; he also offered broader lessons for graduates entering an uncertain world. “Your path won’t always be linear. You might take detours or face setbacks, but those moments often teach the most valuable lessons,” he advised. Drawing from his own experience, Powell emphasized the importance of resilience and adaptability in navigating life’s challenges.
The Federal Reserve Chair also touched on his current role, highlighting the complexities of steering the U.S. economy through turbulent times. He acknowledged the scrutiny and criticism that come with the position, including from former President Trump, who frequently aired grievances about Powell’s monetary policies during his term. “Leadership is not about avoiding criticism; it’s about making decisions with integrity and the best interests of those you serve,” Powell noted.
Trump’s dissatisfaction with Powell’s handling of interest rates made headlines during his presidency and continues to surface. In 2025, Trump criticized Powell for not lowering rates, even taking to his Truth Social platform to express frustration. “Powell’s termination cannot come fast enough!” Trump wrote in a fiery post. However, Powell has maintained his independence, stating, “The law protects the Federal Reserve Chair from being removed without cause. My job is to focus on the economy, not politics.”
Powell’s resolve has been tested as the Federal Reserve grapples with high inflation, fluctuating markets, and evolving economic challenges. “The decisions we make are rarely easy or universally popular, but they are grounded in data and a commitment to our dual mandate: fostering maximum employment and price stability,” he said.
In concluding his speech, Powell offered one final piece of advice to the graduates: “Don’t underestimate the power of curiosity and lifelong learning. What seems irrelevant today may become crucial tomorrow. Embrace opportunities to grow, even in unexpected directions.”
The address resonated with many in attendance, particularly those entering finance, economics, or public policy. Powell’s journey—from a warehouse worker with no plan to a central bank leader—underscored the value of persistence, adaptability, and open-mindedness. For wealth advisors and RIAs, his story serves as a reminder that unconventional paths can lead to extraordinary outcomes, and that understanding the nuances of economic policy is essential for guiding clients through complex financial landscapes.
Powell’s remarks also underscored the importance of resilience in professional life. For those advising clients in volatile markets, his emphasis on long-term thinking and adaptability provides a framework for navigating uncertainty. Wealth advisors often contend with clients’ emotional reactions to market swings, and Powell’s leadership style—calm, data-driven, and forward-looking—offers a model for instilling confidence and clarity.
The Fed Chair’s career trajectory highlights another critical lesson: the value of interdisciplinary knowledge. Powell’s political background complements his economic acumen, allowing him to approach challenges with a broader perspective. For financial professionals, this serves as a call to expand their own expertise, blending traditional investment strategies with emerging areas like cryptocurrency and sustainable finance. In an increasingly complex world, advisors must remain agile, continuously learning and adapting to provide holistic solutions for their clients.
As Powell wrapped up his speech, he expressed gratitude for the journey that brought him to this point. “If I had followed a traditional path, I might not be standing here today. Life’s detours often lead to the most rewarding destinations,” he said. It’s a sentiment that resonates deeply with anyone navigating the unpredictable terrain of modern finance and economics.
For RIAs and wealth advisors, Powell’s story offers valuable insights: the importance of embracing change, the necessity of resilience, and the enduring relevance of economic understanding in shaping successful outcomes—for individuals, businesses, and the broader economy.
