Will We Remember The Immortal Powell?
- Scott Poore
- 3 hours ago
- 7 min read
Break-ups are hard, but sometimes necessary. Being the chairman of one of the most powerful organizations in the world is difficult, I'm sure. While it wasn't all bad, will
Powell's tenure at the Fed Chairman be remembered with fondness or regret? For the first time since we started this blog, we will feature two songs simultaneously this week. Quite honestly, I needed the quotes from both songs. However, these two songs touched more than one generation - both the Millennials and Gen Z. This week's musings are inspired by the songs "I Will Remember You" by Sarah McLachlan and "My Immortal" by Evanescence. Here is some trivia about the songs:
The song "I Will Remember You" was not a big hit, initially. It was released as a single in 1995 and didn't get much attention - topping out at #65 on the Billboard charts. However, McLachlan included a live version of the song on her "Mirrorball" album four years later and the song climbed all the way to #14.
While the song is about a couple who has ended their relationship and look back fondly on the good memories, "I Will Remember You" became the go-to song for memorial tributes, typically played on awards shows when "in memorium" segments were displayed.
In similar fashion, "My Immortal" was initially included as an outtake from the 1998 self-titled album "Evanescence" with just lead singer Amy Lee's voice and piano. It was included in their "Origin" album in 2000, with some background vocals. The song was largely ignored until it was re-released on the "Fallen" album in 2003 with the rest of the band and instruments included. It reached #7 on the Billboard charts in 2004, nearly a year after the "Fallen" album was released.
It has been speculated over the years that "My Immortal" was written about the romantic relationship between Amy Lee and guitarist Ben Moody. Moody wrote the lyrics and Lee added the piano music when they were just 15 years old. Both have insisted the lyrics are completely fictional. However, their romantic relationship ended poorly by the time the band made it big in 2004, with Moody leaving the band shortly thereafter.
When Evanescence did make it big, Lee was the only original member still in the band.
Just as "I Will Remember You" has been associated with memorials, "My Immortal" was used in the funeral scene in the movie "Daredevil" (2003) before the release of the "Fallen" album.
Lyrics for "I Will Remember You":
"I will remember you
Will you remember me?
Don't let your life pass you by
Weep not for the memories
I'm so tired, but I can't sleep
Standing on the edge of something much too deep
It's funny how we feel so much, but we cannot say a word
We are screaming inside, oh, we can't be heard"
Lyrics for "My Immortal":
"I'm so tired of being here
Suppressed by all my childish fears
And if you have to leave
I wish that you would just leave
'Cause your presence still lingers here
And it won't leave me alone
These wounds won't seem to heal, this pain is just too real
There's just too much that time cannot erase
When you cried, I'd wipe away all of your tears
When you'd scream, I'd fight away all of your fears
And I held your hand through all of these years
But you still have all of me"
Here's what we've seen so far this week...
Weep Not Or Just Leave? Just like the lingering spirit that haunts the singer in "My Immortal," it would appear that Jerome Powell will continue haunting the Fed for a little
while longer. Since 1951, those who have served as Chairman of the Federal Reserve have quietly disembarked the board and gone on to private life, speaking tours, or penning books (or, a little of all three). Only two Fed Chairmen - Charles Hamlin (1916)
and Marriner Eccles (1948) stayed on the board after their chairmanship ended. According to statements made in his last press conference as Fed Chairman on Wednesday, Powell is going to stay on the board "for a period of time" and stated "my intention is not to interfere." This seems unlikely as Powell departs the chairmanship as one of the more powerful Chairmans in the Fed's distinguished history. For someone who talks about "norms" a lot, staying on the board post-chairman term is out of the norm, at least it has been for the last 75 years. But, Mr. Powell will not depart without criticism as the Fed's balance sheet ballooned during COVID and his infamous comment about "transitory" inflation will go down as a dubious remark, if not an outright blunder, in Fed history. After being termed as "transitory" by the Chairman, inflation went on to rise another 5% over the following 14 months. Turns out inflation wasn't as brief as indicated. There are certainly those who won't "weep the memories" of the Chairman's eventual exit.
The Fed left interest rates steady at the conclusion of their April meeting, which was largely baked into current market levels as the S&P 500 Index finished almost exactly
flat on Wednesday. However, the projection for interest rates moving forward shows no rate cuts until late 2027. This would likely change with any kind of finality to the Iranian conflict. Powell stated that "In the near term, higher energy prices will boost inflation."
A resolution in the Middle East could bring oil prices down (more on that in a minute), so a potential rate cut later this year should not prove to be a shock were it to take place. As if he were taking one final shot at the White House in his final press conference, Powell stated that he supported incoming Fed Chairman, who's nomination was advanced through the Senate Banking Committee and now only needs the full Senate confirmation. Powell also stated, however, "Take Warsh at his word that he'll stand up to Trump." These comments are interesting given multiple statements by Powell to keep the Fed independent and without politics. Yet, his statement is political in nature. While the Fed and the President may stand at odds from time-to-time, their common goal of efficient markets and economic stability should unite them more than pull them apart. Unfortunately, like almost everything in daily life these days, our culture has become possessed with politics.
Markets Standing On The Edge? Unlike the tortured singer in "My Immortal," markets have recovered from March lows. Equities are flat this week, so it has investors
wondering if markets have peaked in a "dead cat bounce." However, there's no mystery as to why we're still in a bull market cycle. Corporate earnings continue to come in higher for the first quarter and net profit margin is at a 5-year high. The correlation of S&P 500 returns to net profits is high. As long as companies control their balance sheets and consumers flock to their products/services, profit margins will stay elevated.
What helps consumers continue putting money in the coffers of companies? A steady paycheck, for one. Jobless claims dropped this week to the lowest level in two years
and have remained relatively low for quite some time now. The past few weeks indicate that changes to the job market are positive, providing hope that April's job report will be another solid month of gains. In addition, we're seeing some softening in the labor market in terms of jobs available at higher pay. The wage growth tracker provided by the Atlanta Fed shows that "job switchers" have seen a 5% increase in wages after switching jobs over the past three months. This is good news in light of the declining wage growth trend witnessed in most of 2024 and 2025. An improvement in the labor market would help the Fed ease back toward a potential rate cut and help investors sleep better at night.
Markets Fighting Away Fears. The melancholy melodies of "I Will Remember You" and "My Immortal" mirror how investors have felt through the Iranian conflict. Gas prices
are back up in light of little-to-no negotiations in the Iranian conflict this week. A blockade of Iranian imports/exports has the conflict at a standstill. The price of West Texas Intermediate Oil has risen back above $100/barrel. Gas prices at the pump are now higher, on average, than they were at the peak on April 8th. The current U.S. blockade means that Iranian oil storage is near its capacity, which will force oil production in Iran to be cut. This could cost the Iranian economy an estimated $400-500 million in lost oil revenue - something the country can ill afford given the infrastructure damage from the conflict. This may well force Iran to come back to the negotiation table - something the President clearly wants.
An interesting and slightly related event occurred this week that's not really getting the attention it deserves. The UAE (United Arab Emirates) announced it will leave OPEC as
of May 1, 2026. As a refresher, OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization that coordinates petroleum policies for member countries from the Middle East, Africa, and South America. The UAE is OPEC's 2nd largest producer. This will be good for consumers as the UAE can freely pump oil without restrictions set by OPEC. This would help bring oil prices down in the long-term, which might be bad for U.S. oil companies as profits for "Big Oil" could decline. The point is that this might not be the last domino to fall if the 2nd largest producer is opting out of OPEC now. Global oil prices may be due for another shakeup if the key organization that has controlled oil prices for the last 60-plus years is not as relevant moving forward. The Iranian conflict is reshaping global energy supply chains that could remain even after a resolution is reached in the conflict. For investors, perhaps the lyrics of these two songs don't stand the test of time. Investors can be heard and there's rarely too much in life or investing that time is unable to erase.
Here's the live version of the song that finally propelled it to the top of the charts...
And, the haunting video of "My Immortal"...
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