When Jerome Powell succeeded Janet Yellen as head of the Federal Reserve three years ago, he hosted a farewell dinner at his home in Chevy Chase, Md.
Mrs. Yellen then passed the baton to Mr. Powell.
Three years later, in many ways, he returns a baton.
The Fed spent 2020 fighting the economic consequences of the coronavirus pandemic with interest rate cuts, bond purchases and emergency loan programs. As Fed officials prepare to meet this week, Powell sees his policies on hold because they have already pledged to keep rates low.
Ms Yellen, who is poised to become Secretary of the Treasury for President Biden this week, hopes to oversee a wave of government spending aimed at ensuring unemployment falls sharply and prevent a widening of inequality. Mr. Powell has given him the stimulus witness by pledging to keep rates very low until that happens.