The world's most powerful central bank has done more, faster, than any central bank in history as the Covid-19 pandemic has ravaged the US economy, leaving tens of thousands of small businesses on the precipice of implosion and creating a cascade of job losses totaling in the millions each week.
Under Powell -- a former investment banker appointed by Trump, who has since suggested he regretted the choice -- the Fed has pushed the boundaries of actions and power to a degree that was considered exceedingly difficult, unlikely or impossible as recently as the 2008 financial crisis.
"It really is impressive the speed with which they move," David Wessel, a senior fellow in economic studies at the Brookings Institution and the author of the definitive history of the Fed's actions during the 2008 crisis. "They are doing things in days and weeks that it took them months to do during '07, '08 and '09."
The latest blast, announced this past week, would provide up to $2.3 trillion in lending programs for companies, cities and states, a move that extended the scale Fed's efforts to a place they had simply never been before.
Powell, in a conversation with Wessel on Thursday after the rollout of the latest lending bazooka, framed the action -- and everything the Fed has done -- as an effort to match the moment with commensurate action.
"None of us has the luxury of choosing our challenges; fate and history provide them for us. Our job is to meet the tests we are presented," Powell said. "At the Fed, we are doing all we can to help shepherd the economy through this difficult time."