Immediately after Jerome Powell hinted during his speech at a possible rate cut as early as September this year, some Fed representatives expressed their respect for him.

In an interview, Federal Reserve Bank of Chicago President Austan Goolsbee praised Jerome Powell for maintaining a low level of dissent among Fed officials during his eight years as Chair.

This is particularly noteworthy given the complex and often contradictory economic conditions the regulator has had to face. Unity in making key decisions, especially during the pandemic and the subsequent inflation surge, highlights Powell's skill in consolidating diverse viewpoints and finding compromise solutions. Achieving consensus among FOMC members is no easy task, as each brings a unique perspective shaped by their experience in different regions and sectors. Powell's ability to listen to and consider all opinions, while also persuading colleagues of the necessity of certain measures, has been a key factor in his success.

Goolsbee was asked about the remarkably low number of dissenting votes during Powell's leadership of the Federal Open Market Committee. He said this was due less to members sharing the same views on economic data, and more to Powell's ability to build consensus. "I think he is the first Fed Chair worthy of a place in the Hall of Fame, and he has excellent judgment," Goolsbee said of Powell. "Moreover, in working with this committee, he has faced quite different worldviews."

Powell became Chair in 2018 after being nominated by President Donald Trump and was reappointed for a second four-year term by President Joe Biden.

According to data from the Federal Reserve Bank of St. Louis, during 62 FOMC meetings under Powell's leadership there were 18 dissenting votes — an average of one dissent every 3.4 meetings. His predecessor Janet Yellen recorded 22 dissents across 32 meetings (one every 1.5 meetings), while Ben Bernanke recorded 48 dissents across 66 meetings (one every 1.4 meetings).

As noted earlier, last Friday Powell delivered his final speech at Jackson Hole as Fed Chair, paving the way for a rate cut in September.

His term expires in May 2026.

Technical Picture for EUR/USD: At present, buyers need to take control of the 1.1740 level. Only this will allow them to target a test of 1.1780. From there, a move toward 1.1830 is possible, though achieving it without support from major players will be difficult. The ultimate upward target is the 1.1865 high. In the event of a decline, I expect significant buying activity around 1.1700. If none emerges, it would be better to wait for a renewal of the 1.1655 low or consider long positions from 1.1625.

Technical Picture for GBP/USD: Pound buyers need to break the nearest resistance at 1.3530. Only this will allow them to aim for 1.3560, above which a breakout will be more challenging. The furthest upward target is the 1.3590 level. In the event of a decline, bears will attempt to take control of 1.3490. If successful, a breakout of this range would deal a serious blow to bullish positions and push GBP/USD down to the 1.3455 low, with the prospect of extending the move toward 1.3425.