Federal Reserve Chair Jerome Powell delivered a powerful message on honesty, public service, and resilience during a commencement-eve speech at Princeton University, even as he continues to face a barrage of criticism from former President Donald Trump.

Addressing the soon-to-be graduates, Powell encouraged them to lead with principle and purpose, reflecting on his own experience as a public servant navigating turbulent political and economic landscapes.

“At the end of the day, your integrity is all you have. Guard it carefully,” Powell said, urging students to live with the confidence that comes from doing what they believe is right.

A Subtle Rebuttal to Political Pressure

Though Powell did not directly name Trump, his words came against the backdrop of months of relentless personal attacks from the former president, who has frequently blamed the Fed Chair for not lowering interest rates swiftly enough. Trump has labeled Powell a “fool” and “major loser,” and has publicly expressed frustration over his inability to remove him from office.

Despite the pressure, Powell has remained silent on the insults, continuing to focus on the Fed’s mandate of maintaining price stability and supporting the U.S. labor market.

“Being an honest public servant will always be a rewarding choice,” Powell said, offering a pointed defense of nonpartisan service during politically charged times.

A Warning for the Future

Powell also took the opportunity to defend America’s institutions, particularly its universities, which he described as “the envy of the world and a crucial national asset.” Without naming names, he warned of the rising threats facing higher education and democracy.

“When you look back in 50 years, you will want to know that you have done whatever it takes to preserve and strengthen our democracy,” he told the Princeton audience, adding that such efforts are essential to uphold the ideals of the nation’s founders.

His remarks come amid growing concerns that political interference—especially from Trump’s camp—could undermine the autonomy of institutions ranging from the Fed to academia.

Navigating Unprecedented Economic Challenges

Since becoming Fed Chair in 2018, Powell has guided the U.S. economy through an extraordinary set of challenges, including the COVID-19 pandemic, record-high inflation, and the current volatility fueled by global trade disputes, particularly those involving Trump’s aggressive tariff policies.

In response to economic uncertainty, the Fed has maintained its benchmark interest rate at 4.25% to 4.5%, citing the need to observe how the economy adapts to shifting trade dynamics before making further moves.

“Everything’s always on the table,” said Chicago Fed President Austan Goolsbee in a recent interview. “But I feel like the bar for me is a little higher for action in any direction while we’re waiting to get some clarity.”

Trump’s Continued Criticism

Despite the Fed’s cautious approach, Trump has continued to lash out. On May 17, he posted another attack on Powell via his social media platform:

“Too Late Powell, a man legendary for being Too Late, will probably blow it again – But who knows???”

Nonetheless, Powell remains steadfast. When asked in 2023 whether he would resign if requested by Trump, he responded that the law does not permit the president to fire a Fed chair without cause—a reminder of the independent structure of the U.S. central bank.

Legacy of Integrity

As he addressed the graduating class, Powell’s speech stood as more than just commencement advice—it was a statement of values at a time when public institutions face intense scrutiny and political interference.

“You will want to be able to look in the mirror and know that you did what you thought was right, in every part of your life,” Powell said.

In an era where integrity often collides with politics, Powell’s message to the next generation was clear: principled leadership matters more than ever.