Trust, Markets, and the End of Fixed Exchange Rates: Powell on the Enduring Legacy of George Shultz

On December 1, 2025, Federal Reserve Chair Jerome H. Powell delivered the opening remarks for the George P. Shultz Memorial Lecture Series at Stanford University. Powell, a long-time admirer of Shultz, focused his remarks exclusively on the former four-time cabinet secretary’s profound impact on economic policy and his remarkable leadership style, consciously omitting any discussion of current economic conditions or monetary policy.