Since Jerome Powell took over the Federal Reserve, the S&P 500 index has averaged a gain of about 0.3% on “Fed days,” according to an analysis by Bespoke Investment Group:
Federal Reserve Chairman Jerome Powell will take the podium at the Eccles Building Wednesday afternoon for his 39th “Fed Day” since becoming the world’s most influential central banker back in 2018.
That’s better than the roughly 0.2% average gain for the large-cap index under Powell’s predecessor, current Treasury Secretary Janet Yellen, who served as Fed chief for just one term between 2014 and 2018. So far, 2022 has been a rocky year for stocks and bonds, with the S&P 500 down 19.6% as the Fed has aggressively raised its benchmark interest rate at the fastest pace since at least the 1980s to try and tame rampant inflation.
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