Economics
Can Jerome Powell Run the Fed for the People?
Being a member of the top 0.1 percent could affect how America’s next central banker crafts policy.
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Ever since Donald Trump officially nominated Jerome Powell on Nov. 2 to be chairman of the Federal Reserve Board, Wall Streeters and others have been scouring his bio for clues on what type of U.S. central banker he’ll be. Here’s what we know: Powell has a personality that veers toward consensus building. The Wall Street Journal has dubbed him “Mr. Ordinary.” He’s not an economist, though he’s been involved in financial markets as a banker, investor, and policymaker for a while. And he’s very, very rich.
Powell’s understated persona has led some to say there are few clues to how he’ll act as Fed chief. But there’s more to go on than people have suggested.