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As Federal Reserve Chair took the podium for what was probably his last press conference leading the central bank, investors began drawing conclusions on what his tenure has meant for Wall Street.
Powell has served as chair of the board of governors since 2018. Kevin Warsh — Powell’s nominated successor who’s expected to take over next month — was cleared by the Senate Banking committee on Wednesday in preparation for a final Senate confirmation vote.
Powell’s exit as chair comes with the stock market near record highs and the economy posting moderate growth after dodging a post-Covid recession. But the Ivy League grad has faced criticism for his handling of inflation and interest rates in the latter years of his tenure, which led to huge losses in the bond market in 2022 and headwinds since.
“Most investors would say that they felt that they were getting honest information from him,” said Sam Stovall, chief investment strategist at CFRA Research. “It was an apolitical tenure focused on doing the right thing for the economy.”
