2 November 2017: Jerome Powell is nominated to run the Fed
President Trump announced Jerome Powell, a Fed governor and former investment banker, as his pick to replace Janet Yellen as chair of the Federal Reserve. Powell was seen as a safe, continuity choice, and markets barely moved. He would go on to steer the Fed through a pandemic crash, near-zero rates, and then the fastest rate hikes in decades when inflation came roaring back.
The lesson: Nobody knows which crises the next leader will face, so judge temperament over predictions.
Could you have called it at the time? The wheel picks the year, you pick the position, ten seconds a pick.
Play Sixty-40