Jerome Powell's Fed years were an everything rally: Chart of the Day

The article reviews market performance across Jerome Powell’s eight-year Fed tenure, highlighting a broad cross-asset rally rather than a single trade or regime. Under Powell the S&P 500 (US SP 500) delivered a 14.7% annualized total return (Bespoke) and the S&P price index rose about 160% since he became chair; the Nasdaq Composite climbed nearly 250%. Commodities, gold and bonds also finished positive over the period despite sharp interim selloffs—most notably a severe bond selloff during the inflation and rate-hike cycle. The piece frames Powell’s era as one where shifting macro shocks (COVID, inflation, rapid hikes) repeatedly produced new market leadership, fueling gains across equities, commodities and fixed income.