Powell says he will respect the role of the new Fed chairpublished at 20:04 BST
Asked about his pledge to keep a “low-profile” as ex-chairman, while still remaining a governor on the panel, Powell begins with a physical joke, ducking down briefly behind the podium as if he’s going into hiding.
The joke triggers laughs among the financial journalists in the room.
Answering seriously, he says that he would never serve as a shadow governor to his likely successor Kevin Warsh.
“I’m going back to being a governor. I respect the role of chair,” he says, adding that he previously spent six years on the board in that role
“I plan to be a very constructive participant in that process,” he adds, saying that this is largely due to his respect for the chairman.
