Fed Chairman Jerome Powell told Princeton graduates that they “guarded” their integrity amid criticism from U.S. President Donald Trump.

Powell spoke in Princeton’s 2025 class on May 25 and shared a range of suggestions, including the biggest career mistakes graduates may make, and at the end of his speech, he encouraged graduates to maintain honor and respect.

"I have the last key point. Your life is important not only to you, but to the people who love you," Powell said in his speech. "Fifty years from now on, you want to be able to look in the mirror and know that you do what you think is right in every part of your life. Ultimately, our integrity is what we have. Carefully guard it."

Powell has been under enormous pressure from Trump in recent months for lowering interest rates, even in April he called central bank leaders a "main loser" because he did not succumb to his demands. The president also threatened to fire Powell before going back to comment.

Trump hopes lowering interest rates will boost economic growth. But due to the potential side effects of Trump's "reciprocity tariffs", Powell has been insisting on a wait approach and keeping interest rates stable to balance the Fed's task of providing the highest jobs and stable prices.

Powell said in May that Trump's requirement to lower interest rates has no effect on the work of the Federal Open Market Committee or the way they work.

“We always do the same thing, that is, we will use tools to promote maximum employment and price stability to benefit the American people,” he said. “We always only consider economic data, prospects, risk balance, and that’s all. That’s everything we have to consider.”

Powell stressed the importance of public service in his speech to Princeton graduates and shared examples about the coronavirus pandemic when he said he was at risk of “long-term severe global depression.”

“Everyone turned to the government, especially as the primary first responder. The Fed’s professional civil servants were veterans of previous crises and said, ‘We got it.’ We took a series of positive measures to provide credit to the economy, many of whom are unprecedented, and the financial sector has recovered.”

Powell said it was their "collective efforts" that saved the economy, adding that they deserve respect and gratitude.

"I urge you to take on the challenge and the opportunity to serve your fellow citizens. You will never regret this choice," he said.