As chair of the U.S. Federal Reserve (Fed) since 2018, Powell oversees an organization responsible for maintaining financial stability and conducting monetary policy. Now in his second term, Powell has a direct impact on mortgage interest rates as the Fed sets the interest rates at which banks lend money to each other. Under his leadership, the Fed has not cut rates since March 2020. Although the last Fed meeting of 2023 left rates unchanged, Powell’s remarks were perceived as a positive indication of cuts to come in 2024.