Money
Charted: Public Trust in the Federal Reserve
The Briefing
- Gallup conducts an annual poll to gauge the U.S. public’s trust in the Federal Reserve
- After rising during the COVID-19 pandemic, public trust has fallen to a 20-year low
Charted: Public Trust in the Federal Reserve
Each year, Gallup conducts a survey of American adults on various economic topics, including the country’s central bank, the Federal Reserve.
More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy. We’ve visualized these results from 2001 to 2023 to see how confidence levels have changed over time.
Methodology and Results
The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a “great deal” or “fair amount” of confidence.
| Year | Fed chair | % Great deal or Fair amount |
|---|---|---|
| 2023 | Jerome Powell | 36% |
| 2022 | Jerome Powell | 43% |
| 2021 | Jerome Powell | 55% |
| 2020 | Jerome Powell | 58% |
| 2019 | Jerome Powell | 50% |
| 2018 | Jerome Powell | 45% |
| 2017 | Janet Yellen | 45% |
| 2016 | Janet Yellen | 38% |
| 2015 | Janet Yellen | 42% |
| 2014 | Janet Yellen | 37% |
| 2013 | Ben Bernanke | 42% |
| 2012 | Ben Bernanke | 39% |
| 2011 | Ben Bernanke | 41% |
| 2010 | Ben Bernanke | 44% |
| 2009 | Ben Bernanke | 49% |
| 2008 | Ben Bernanke | 47% |
| 2007 | Ben Bernanke | 50% |
| 2006 | Ben Bernanke | 41% |
| 2005 | Alan Greenspan | 56% |
| 2004 | Alan Greenspan | 61% |
| 2003 | Alan Greenspan | 65% |
| 2002 | Alan Greenspan | 69% |
| 2001 | Alan Greenspan | 74% |
Data for 2023 collected April 3-25, with this statement put to respondents: “Please tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.”
We can see that trust in the Federal Reserve has fluctuated significantly in recent years.
For example, under Alan Greenspan, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble—which some attribute to Greenspan’s easy credit policies—resulted in a sharp decline.
On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell’s decisive actions to provide support to the U.S. economy throughout the crisis.
Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.
Confidence Now on the Decline
After peaking at 58%, those with a “great deal” or “fair amount” of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.
This is likely due to Powell’s hard stance on fighting post-pandemic inflation, which has involved raising interest rates at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:
- Negative impact on the stock market
- Increases the burden for those with variable-rate debts
- Makes mortgages and home buying less affordable
Higher rates have also prompted many U.S. tech companies to shrink their workforces, and have been a factor in the regional banking crisis, including the collapse of Silicon Valley Bank.
Where does this data come from?
Source: Gallup (2023)
Data Notes: Results are based on telephone interviews conducted April 3-25, 2023, with a random sample of –1,013—adults, ages 18+, living in all 50 U.S. states and the District of Columbia. For results based on this sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. See source for details.
Money
Ranked: Top Countries for Foreign Direct Investment Flows
Take a look at changes in foreign direct investment flows over a decade, analyzing the top destinations and biggest investors.
Creator Program
One of the most significant phenomena in 21st-century globalization, driven by the ascent of multinational corporations and the removal of investing barriers, is the vast cross-border flow of foreign capital.
To analyze recent trends, Samidha Nayak utilized World Bank data spanning 2012–2022, charting the top 10 destinations for foreign direct investment (FDI) and the leading investing countries annually.
Countries With the Most FDI Inflows (2012–2022)
In 2012, the United States had the highest FDI inflow, attracting about $250 billion in investment from the rest of the world.
At second place, China’s FDI inflows stood about $9 billion lower at $241 billion.
The middle ranks have representatives from Europe (Netherlands, Cyprus), from Asia (Hong Kong) and from South America (Brazil).
Towards the bottom, three OECD countries—Germany, Ireland, and Australia—all attracted an average of $60 billion in foreign investment.
Unexpectedly, the British Virgin Islands came in 8th. Their lack of corporate tax makes it a popular place for companies to headquarter, in turn attracting FDI inflows.
| 2012 | Country | 2012 Inflows (USD Billion) | 2022 | Country | 2022 Inflows (USD Billion) |
|---|---|---|---|---|---|
| 1 | 🇺🇸 U.S. | $250.35 | 1 | 🇺🇸 U.S. | $388.08 |
| 2 | 🇨🇳 China | $241.21 | 2 | 🇨🇳 China | $180.17 |
| 3 | 🇳🇱 Netherlands | $239.67 | 3 | 🇸🇬 Singapore | $140.84 |
| 4 | 🇧🇷 Brazil | $92.57 | 4 | 🇭🇰 Hong Kong | $120.95 |
| 5 | 🇭🇰 Hong Kong | $74.89 | 5 | 🇫🇷 France | $105.42 |
| 6 | 🇨🇾 Cyprus | $69.97 | 6 | 🇧🇷 Brazil | $91.50 |
| 7 | 🇩🇪 Germany | $65.44 | 7 | 🇦🇺 Australia | $67.12 |
| 8 | 🇻🇬 British Virgin Islands | $61.12 | 8 | 🇨🇦 Canada | $53.71 |
| 9 | 🇮🇪 Ireland | $58.09 | 9 | 🇸🇪 Sweden | $50.05 |
| 10 | 🇦🇺 Australia | $57.55 | 10 | 🇮🇳 India | $49.94 |
Ten years later however, the top 10 saw a shuffle. The U.S. and China retained their top spots, but the difference grew much larger—with the U.S. attracting nearly 50% more foreign investment ($388 billion) than China ($180 billion).
Singapore, which first appeared in the rankings in 2014, took third place with $141 billion.
Meanwhile the bottom half changed almost entirely with France, Canada, Sweden, and India replacing Cyprus, Germany, the British Virgin Islands, and Ireland.
Countries With the Most FDI Outflows (2012–2022)
Unlike the ranks of net inflows, the top 10 countries with the highest FDI outflows have stayed essentially the same.
The U.S. topped the list in both ends of the decade, despite briefly falling out of the top 10 entirely in 2018. There were only three new entrants (France, Australia, and the UK) in 2022 compared to 10 years prior, with Cyprus, Switzerland, and the British Virgin Islands dropping out of top spots.
| 2012 | Country | 2012 Outflows (USD Billion) | 2022 | Country | 2022 Outflows (USD Billion) |
|---|---|---|---|---|---|
| 1 | 🇺🇸 U.S. | $377.24 | 1 | 🇺🇸 U.S. | $426.25 |
| 2 | 🇳🇱 Netherlands | $237.94 | 2 | 🇩🇪 Germany | $178.87 |
| 3 | 🇯🇵 Japan | $117.63 | 3 | 🇯🇵 Japan | $175.40 |
| 4 | 🇩🇪 Germany | $99.08 | 4 | 🇬🇧 UK | $158.93 |
| 5 | 🇭🇰 Hong Kong | $88.12 | 5 | 🇨🇳 China | $149.69 |
| 6 | 🇨🇾 Cyprus | $75.25 | 6 | 🇳🇱 Netherlands | $125.89 |
| 7 | 🇨🇳 China | $64.96 | 7 | 🇦🇺 Australia | $123.36 |
| 8 | 🇨🇦 Canada | $62.25 | 8 | 🇫🇷 France | $118.76 |
| 9 | 🇨🇭Switzerland | $54.30 | 9 | 🇭🇰 Hong Kong | $106.86 |
| 10 | 🇻🇬 British Virgin Islands | $53.94 | 10 | 🇨🇦 Canada | $83.11 |
Many of the countries who are in the top ranks for inflows (U.S., China, Canada, Australia) are also in the top ranks for outflows both in 2012 and 2022.
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