2 things Powell wants his successor to know about the Fed

• Future Fed chairs should 'stick to their knitting' and focus solely on the institution's assigned mandate.
• The Fed's powerful tools should only be used for maximum employment, price stability, and financial stability, resisting temptations to expand its scope.
• The Fed is a great American institution, but democratic institutions are hard to build and easy to bring down, implying the need for careful stewardship.

Jerome Powell, while stating he wouldn't give unsolicited advice, offered two general pieces of guidance for future Fed chairs. He emphasized the importance of the Federal Reserve sticking to its core mandate of maximum employment, price stability, and financial stability, and warned against straying into other areas. He also highlighted the difficulty of building and maintaining great democratic institutions like the Fed.