History repeats itself: When Jerome Powell became the new Chair of the Federal Reserve in February 2018, the S&P 500 (SPY) fell by 4%. Today, the market expects a new chair to take office and hold the first FOMC meeting in June. Historical data shows that, at the beginning of a new chair’s term, the market’s largest average drawdown is around -20%. But it’s important to note: 👉 This conclusion is based on historical statistics and is not necessarily a guaranteed outcome.