Powell serves as the chair of the U.S. Federal Reserve (Fed), a role he has held since 2018. President Joe Biden nominated him for another four-year term as chair in 2021. In this position, he oversees an organization responsible for maintaining financial stability and conducting monetary policy. By setting the interest rates at which banks lend money to each other, the Fed has a direct impact on mortgage interest rates, especially in the latter part of 2022 and into 2023, and, thus, plays a big role in the real estate sales environment.