The chair that moved markets
Jerome Powell’s term as Federal Reserve chair officially ended on May 15, which means Wall Street just lost one of its favorite people to obsess over. Love him, hate him, or refresh your brokerage app every time he speaks, Powell has been the guy steering the rate-setting ship through inflation, recession scares, and plenty of market drama.
Why your portfolio cares
This isn’t just a ceremonial calendar note. The Fed chair matters because the Fed’s tone can move everything from Treasury yields to mega-cap tech valuations to your mortgage rate fantasies. When leadership changes, investors start asking the very fun, very normal question: will the new boss be more hawkish, more dovish, or just different enough to make everyone sweat?
The bigger question: what comes next?
The market now has to look past Powell’s exit and focus on the next chapter for monetary policy. That includes:
- who gets tapped to lead the Fed next
- whether rate-cut odds shift
- how aggressively the central bank keeps fighting inflation versus supporting growth
Big picture: Powell’s departure doesn’t flip a switch overnight, but it does mark the end of an era. And for markets, the end of an era is just another way of saying: buckle up, the guessing game is back.