Jerome Powell concluded his eight-plus years as Federal Reserve chair on April 29, 2026, after a tenure marked by sweeping rate hikes and cuts that reshaped housing affordability and broader markets. The timeline spans from his February 2018 swearing-in through a series of volatile policy decisions.
Under Powell’s leadership, the Fed navigated multiple crises, including pandemic-era emergency cuts and subsequent aggressive tightening to combat inflation. Political battles over interest rate policy shadowed many of the 2023–2024 rate decisions.
The housing sector felt the Fed’s moves acutely: rapid rate hikes pushed mortgage rates sharply higher, compressing buyer purchasing power and slowing transaction volumes. Later rate cuts brought some relief, but affordability remained strained through his final meeting.
Despite the easing cycle that began in late 2024, inventory levels stayed tight in many markets, keeping days on market low and giving sellers an edge. Buyers faced persistent competition for limited homes, even as borrowing costs declined slightly.
Economists debate whether Powell’s initial delay in raising rates in 2021 worsened inflation, but others argue supply-chain shocks were the primary driver. The full impact of his legacy on housing will continue unfolding under the next Fed chair.