Jerome Hayden “Jay” Powell is the 16th Chair of the Federal Reserve, serving in that office since February 2018.
Jerome Hayden “Jay” Powell is the 16th Chair of the Federal Reserve, serving in that office since February 2018. He was nominated to the Fed Chair position by President Donald Trump, and confirmed by the United States Senate.
Powell earned a degree in politics from Princeton University in 1975 and a Juris Doctor from Georgetown University Law Center in 1979. He moved to investment banking in 1984, and has since worked for several financial institutions. He briefly served as Under Secretary of the Treasury for Domestic Finance under President George H. W. Bush in 1992. More recently, he was a visiting scholar at the Bipartisan Policy Center from 2010 to 2012. He has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve since 1987 not to hold a Ph.D. degree in Economics.
Powell has faced substantial and repeated criticism from President Donald Trump after his confirmation.
Federal Reserve
Feb 5th, 1953
American
Chevy Chase, Maryland, United States
Princeton University (BA) - 1972-1975
Georgetown University (JD) - 1979
Federal Reserve - Chair
Federal Reserve Board of Governors - Member
Treasury for Domestic Finance - Under Secretary - 1992–1993
Powell also acknowledged the expansion of decentralized finance and its impact on the traditional finance ecosystem.
Following the Fed announcement on Wednesday, the US equity market corrected leading to a similar drop in crypto assets. Bitcoin dropped 2% and Ether by 6% in the last 24 hours.
According to Federal Reserve chairman Jerome Powell, the rate hikes were necessary to ease inflation.
The stock market on the other side of the world has also shown signs of good health despite the aggressive inflationary fight against inflation by the United States Federal Reserve.
The European markets reacted as the Fed chair cautioned of “some pain” ahead in order to tackle inflation.
