Criminal investigation? Retail investors strongly support "Papa Powell," calling him "the best chairman in history."
Federal Reserve Chairman Jerome Powell is facing threats of criminal investigation from the White House, and in this struggle to defend central bank independence, he has unexpectedly gained a powerful ally—the army of meme stock retail investors. This group regards the 72-year-old central banker as the guardian of the historic US stock bull market, worshiping him on social media and seeing him as an "American hero" who dares to resist administrative pressure.
The trigger for the event was a tough statement issued by Powell on Sunday, accusing the Trump administration of exerting pressure on the Federal Reserve to cut interest rates further by threatening criminal prosecution. This rare public confrontation quickly ignited the enthusiasm of retail investors, who not only did not feel panic due to potential turmoil, but instead expressed firm support for Powell via their keyboards. Many believe he is safeguarding the economic system that keeps US stocks hitting record highs.
On January 12, according to Wall Street Journal, Bloomberg and other media, in the Reddit forum WallStreetBets known as a hub for retail investors, posts supporting Powell quickly became popular, receiving thousands of likes for the policymaker. For these young investors who have grown up alongside the historic highs of US stocks, Powell is not only a technocrat with "aura," but also "the best chairman ever" in their eyes, and his resolute stance under pressure is seen as a strong endorsement of market confidence.
Since Powell took office in 2018, the S&P 500 index has soared 163%, and these astonishing returns have cemented his status in the hearts of individual investors. Although prediction markets have started to bet on the probability of him facing federal charges, this has not shaken retail investors' recognition of his "unflinching" image, with some even comparing him to pop culture icons.
Diehard Fans of "Daddy Powell"
When Powell publicly defended the independence of the Federal Reserve, the WallStreetBets forum, which made a name for itself during the 2021 GameStop frenzy, once again erupted—but this time, they rallied around one of Wall Street's most powerful figures.
On Monday, the most popular post on the forum was the video of Powell's statement.
A retail investor with the username 4Yk9gop posted: “He is an American hero. We do not deserve him.” Another user jonneh emphasized with passionate profanity: "The GOAT (Greatest of All Time) in my heart never backs down."
This almost fanatic support is not limited to Reddit. Across major social media platforms, young investors are praising Powell's steady demeanor and no-nonsense style.
For these internet-savvy traders, Powell is no longer just a central bank governor, but a pop culture symbol.
The internet is full of altered images and videos: in some scenes, Powell strides onto a music festival stage like a rock star; in others, he brandishes two pistols labeled "Double" and "Mission."
This affection for "Daddy Powell" has even given rise to related T-shirts, parody accounts, and countless internet memes.
The "Aura" Forged by a Bull Market
The retail investors’ veneration isn't baseless, but founded on concrete market performance. Since Powell took office in February 2018, the S&P 500 index has risen by 163%.
When the COVID pandemic threatened the economy, Powell decisively cut interest rates sharply, making the cost of margin trading on brokerage accounts extremely low. Ultra-low rates, combined with government stimulus and the widespread adoption of zero-commission trading, ignited a new generation's interest in the markets.
Zaid Admani, a 34-year-old investor and podcast host, was bombarded with news about Powell while on vacation. In young people’s highest praise:
“He just has an aura. He’s not here to play games, and everyone can see that.”
As a Fed Chairman with a background in law and without formal economics training, Powell has steered U.S. monetary policy through the pandemic, surging inflation, and last year's tariff turbulence.
He insists on holding press conferences after every policy meeting, meaning his face has appeared on Americans’ screens every six weeks for the past five years.
Whenever an interest rate cut is announced, young traders flooding into the financial markets make digital images of Powell dancing or throwing money to celebrate.
Even Suspected of Being an AI Deepfake
The strength of Powell’s response to the federal investigation stunned many investors used to his milder image.
In fact, the contrast was so stark that some investors initially suspected that the online video was a "deepfake" generated by imaginative artificial intelligence programs.
Doug Hurstell, a 48-year-old trader from Houston, said:
“The Powell we've known for the past five years was more cautious. I was shocked.”
Zaid Admani also mentioned that on Sunday night while vacationing in Costa Rica, his group chat was buzzing so much that nobody paid attention to the weekend's football match or the Golden Globes ceremony—everyone’s attention was on Powell. Admani sighed:
“Both sides have taken off the gloves and are ready to get serious.”
Although Hurstell and other investors sometimes disagree with Powell's policies, they still express respect for this policymaker. Hurstell believes that what Powell has accomplished is largely unprecedented, “Is he perfect? No. But he’s done well.”
Betting on Fate and Historical Status
This focus on Powell has even translated into real-money bets.
On prediction markets like Kalshi and Polymarket, users can not only wager on whether Powell will say his catchphrase "That’s not our job" at a press conference, but now can even bet on whether the Fed chief will face federal charges.
As of Monday night, Polymarket users estimated his chance of being charged by the end of June at about 12%.
Allen Tran, a 28-year-old trader and founder of the investment community HaiKhuu Trading, keeps a Powell trading card on his desk—one of his few collectibles. Tran joked:
“He’s watching me trade. Judging me, or congratulating me.”
Despite unprecedented pressure, Powell’s status in the eyes of retail investors seems unshakable. WallStreetBets user PrestondeTipp wrote in a post:
“This guy… has perfectly threaded the needle. I’d bet he’ll go down in history as the best Fed Chairman ever.”
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