Jerome Powell’s Two Unique Strengths, According to His Old Boss

Before leading the Federal Reserve, Jerome Powell had a career on and off Wall Street spanning nearly three decades. Among the handful of people who worked closely with him for an extended period was David Rubenstein, the founder of the Carlyle Group (CG). Speaking at a conference last week, Rubenstein described Powell as “a nice guy, a lawyer by training—not an investment banker, not an economist,” and credited this background for his success as Fed chair.

“He explains what he’s going to do before he does it...