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Age: 66
Family: Powell is married with three children: Lucy, Susie and Sam Powell.
Where is it from: Born in Washington, DC, he spent most of his career between the capital and New York.
Career: Partner at Carlyle Group, Visiting Scholar at the Bipartisan Policy Center, Assistant Secretary and Under Secretary of the Treasury President George H. W. Buisson
Education: Law degree from Princeton University, Law degree from Georgetown University
How did Powell get where he is now?
President Trump moved away from the norm when he appointed Jerome Powell to head the Federal Reserve in November, after leaving aside Janet Yellen, the current president of the time, for a second term.
Powell has been a member of the Fed's board of governors since May 2012, when President Barack Obama appointed him to fill an unexpired term. He was reappointed in 2014 to complete a 14-year term ending in 2028.
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Prior to joining the Fed, Powell was a visiting scholar at Washington's Bipartisan Policy Center, a think tank that promotes collaborative work between Democrats and Republicans.
He also spent eight years at Carlyle Group, a private equity firm with more than $ 200 billion in badets under management. Most of Powell's $ 112 million net worth comes from his time at Carlyle.
Powell vs Trump
Powell officially took control of the Fed in February 2018 for a four-year term.
In recent months, Powell has faced concerns not only about the slowdown in the global economy, but also the political pressures exerted by President Trump on lowering interest rates. The President has repeatedly said that he had the power to dismiss Powell, if he liked it.
Trump is complaining about the Fed's reluctance to raise its interest rates in the face of low inflation. Powell appeared before Congress earlier this week to talk about the state of American monetary policy.
Read more: Trump's Senior Economic Advisor Just Congratulated Alexandria Ocasio-Cortez for Low Fed Unemployment Questions Jerome Powell
During his testimony, he was asked what he would do if President Trump called him and told him that he was sacked. His answer was, "My answer would be no."
"What I've said is that the law clearly gives me a four-year term and that I intend to serve her," said Powell at a request from US representative Maxine Waters said he thought Trump had the power to fire him.
Influence of the market
Powell and the monetary policy decisions he has made on behalf of the Fed have undoubtedly been the main factor of stock market fluctuation over the last 18 months. The actions were inspired by the Fed during this time, for better or for worse.
Take the stock market correction of February 2018, for example. While the collapse of an unsustainable volatility market was the subject of much controversy, the large-scale employment report for January was behind the sale.
The US economy has created far more jobs than expected and wages have risen at their fastest pace of the decade. This fueled speculation that the Fed would raise interest rates faster than expected, a dynamic that would make bonds more attractive than equities. So the shares were sold – and difficult.
Then, before the so-called Red October for Stocks, Fed Chairman Jerome Powell catalyzed another correction, this time with his words. He said the central bank was "far" from interest rate neutrality, which is raising growing concerns about the possibility of accelerating rate hikes.
Read more: Powell, the president of the Fed, has just called Bitcoin a "speculative value stock" as gold – adds weight to the refuge theory
But Powell can also be an ally of the market. In late November, he said the rates were "just below" at a neutral level, which resulted in a 600-point rise in the Dow Jones Industrial Average, which represents its largest increase in eight months.
The wind turned once again in December, when Powell issued a much more hawkish message than expected, which caused a stock slump that almost derailed the S & P 500's bullish bull market.
Then, in January, he returned to a more accommodating position, which propelled stocks to new records and their best start to the year.
positions
Although Powell is technically Republican, he has also been described as a centrist and a pragmatist, according to the New York Times.
When Mr. Powell was unexpectedly appointed, it was found that his predecessor maintained the current course of monetary policy, even though the economy continued to grow. At the time, the unknown was how Powell would react if the economy slowed down.
During his tenure on the Fed's board of governors, Powell often voted in the same vein as Yellen to steadily raise interest rates and free up central bank balance sheet badets purchased after the 2008 financial crisis.
In the past, Powell also voiced concerns over the Fed's post-recession measures to revive the economy.
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