When Jerome Powell succeeded Janet Yellen as head of the Federal Reserve three years ago, she hosted a farewell dinner for her at Chevy Chase, MD.
At that time, Mrs. Yellen was giving the relay to Mr. Powell.
Three years later, in many ways, he gives her a cane back.
The Fed spent 2020 combating the economic consequences of the coronavirus pandemic with interest rate cuts, bond purchases and emergency loan programs. As Fed officials prepare to meet this week, Mr Powell sees their policies pending as they have already pledged to keep rates low.
Ms Yellen, who is set to become President Biden’s treasury secretary this week, hopes to oversee a wave of government spending to ensure unemployment falls much lower and prevent further spreading inequality. Mr Powell handed him the stimulus relay, pledging to keep rates very low until that happened.