Number Of The Day | 8 | 29 April 2026
Eight. That is the number of years Jerome Powell has spent as chair of the United States Federal Reserve.
In this episode of Number of the Day, Gareth Edwards and Francis Herd look at what could be Powell’s final interest rate decision as Fed chair, and why the moment matters beyond Washington. The Fed was widely expected to keep rates steady, but the bigger question is no longer only about the decision. It is about who comes next, how independent the Fed remains, and whether political pressure will start shaping the world’s most powerful central bank.
The conversation tracks Donald Trump’s long-running frustration with Powell, the push for lower interest rates, and the possible arrival of Kevin Warsh as Powell’s successor. Francis explains why lower rates may sound attractive, especially for consumers and politicians, but can become dangerous when inflation is already a threat.
For South Africans, this is not distant financial theatre. US rate decisions affect the rand, global investment flows, trade, inflation pressure and the broader economic environment. A steady hand in America can matter at the pump, in markets, and eventually in household budgets.
Eight years. One possible final call. And a global money machine waiting to see who takes the controls.
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