Jerome Powell took up his important post as head of the US Federal Reserve (Fed) on Monday. Like his predecessor Janet Yellen, the former financial investor advocates a moderate interest rate policy.
Jerome "Jay" Powell is not a central banker like everyone else. The man who celebrated his 65th birthday on Sunday is a lateral entrant in monetary policy. All his predecessors studied economics, but Powell is a lawyer. Apart from a short trip to the Treasury Department during George Bush senior's presidency, he spent most of his career in the finance industry. Since 2012, Powell has been a member of the Federal Reserve Board of Fed Governors, the body responsible for US interest rate policy and other monetary policy decisions.