Jerome Powell was sworn in as chairman of the Federal Reserve in 2018. The current leader of the Fed was appointed by former President Donald Trump and was chosen for a second term by President Joe Biden.
Here’s a look at how the S&P 500 has performed since he took office.
What Happened: Powell was selected for the role by Trump in November 2017. He was confirmed by the Senate in January 2018 and sworn in as chairman of the Board of Governors of the Federal Reserve on Feb. 5, 2018.
Prior to being chair of the Fed, Powell was a member of its Board of Governors, appointed by former President Barack Obama in 2012.
Powell became the 16th chair of the Fed, succeeding Janet Yellen, who served as the chair of the Fed from 2014 to 2018.
In November 2021, Powell was nominated for a second term as the chair, extending the position that was set to end in February 2022.
Powell will be the chair of the Fed until 2026 and will serve on the Board of Governors until Jan. 31, 2028.
Related Link: 5 Things You Might Not Know About Fed Chairman Jerome Powell
Investing $1,000 in SPY: Powell took office at 9 a.m. ET on Feb. 5, 2018. The SPDR S&P 500 ETF Trust SPY opened for trading at $273.45 that day.
A $1,000 investment in the S&P 500-themed ETF could have purchased 3.66 shares at the time.
The $1,000 investment would be worth $1,446.03 at the time of writing, based on a price of $395.09 at close on Wednesday for SPY.
The $1,000 investment would be up 44.6% over the four-and-a-half-year period, not counting dividends. The investment would have returned an average annual return of 9.9% over the course of Powell’s time leading the Federal Reserve.
Photo: Courtesy Federal Reserve
Image and article originally from www.benzinga.com. Read the original article here.