What impact does Powell's appointment as Chairman of the Federal Reserve have on the market?

Jim Reid, a strategist at Deutsche Bank, stated in a report released before President Trump confirmed Powell's nomination that these trends reflect a viewpoint: "Under Powell's leadership, the 'Fed put' supporting asset prices may weaken." The "Fed put" refers to a view that the Federal Reserve will intervene with stimulative policies to prevent a stock market decline. Derek Halpenny of Mitsubishi UFJ stated that choosing Powell over less experienced and more easily influenced competitors helps explain the rebound of the dollar. However, Halpenny said Powell's reputation may make it easier for him to persuade decision-makers at the Federal Open Market Committee to lower interest rates. He added that Powell's goal of reducing the Fed's balance sheet will need to be offset by lowering interest rates, which will result in a steeper yield curve, meaning the gap between long-term and short-term bond yields will widen.