Fed Chair Jerome Powell says U.S. economy is ‘amazing’—but admits ‘we just don’t know’ as inflation, jobs, and oil shocks cloud the outlook

Federal Reserve Chairman Jerome Powell arrives for the Integrated Review of the Capital Framework for Large Banks Conference at the Federal Reserve on July 22, 2025 in Washington, DC. (Credit: Andrew Harnik/Getty Images)

Jerome Powell struck a surprisingly upbeat tone on Wednesday, calling the U.S. economy “amazing to see” after years of shocks.

But as he spoke during his penultimate press conference, the Federal Reserve chair repeatedly returned to a more unsettling theme: no one—not even the Fed—knows what comes next.