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Critics have raised concerns over Powell’s reliance on intuition, particularly noting his statement about the "gut" feeling concerning the economic climate. This commentary comes at a time when scrutiny of the Federal Reserve's accountability processes is escalating, especially in light of several financial instabilities, including the notable failure of Silicon Valley Bank.
Calls for Accountability within the Federal Reserve
Senator Rick Scott from Florida has taken a strong stance on the need for an independent inspector general to ensure accountability at the Federal Reserve. He characterized Powell’s leadership as disastrous, highlighting significant imbalances in the institution's balance sheet and allegations of insider trading among board members.