Janet Yellen disappointed Trump did not propose second term as Fed chair
05 February, 2018, 06:29 | Author: Barbara Daniel
As Ms Yellen departs, the only Fed chair in almost 40 years not to be reappointed for a second term, she leaves an economy with unemployment at a 17-year low of 4.1 percent - half the rate when she became chair - quiet inflation and almost four years of uninterrupted growth. She picked up where her predecessor, Ben Bernanke, had left off in nurturing the country's recuperation from a crisis that almost toppled the financial system.
"Yellen was more of a dove than Jay Powell, who is a little bit more hawkish", Goss said. After her last day at the Fed on Friday, she will start a new job Monday at the Brookings Institution.
Outgoing Federal Reserve Bank Chair Janet Yellen said on Friday that solid economic growth, faster wage increases, and a tightening labor market mean the USA central bank is likely to need to continue to raise interest rates gradually, as it has signaled it will.
As Fed chair, Yellen began the process of exiting from the extraordinary measures that the Fed put in place during the financial crisis and its aftermath, gingerly lifting interest rates from near zero percent and slowly scaling back the central bank's big holdings of bonds.
Under Ms Yellen's stewardship, the U.S. economy has seen its strongest six months of economic activity since 2014. The other is to manage interest rates to promote stable prices, which the Fed has defined as inflation averaging 2 per cent annually. She believed the USA economy had entered an era in which the gravest threat was not a resurgence of inflation, but a prolonged period of weak job growth. Actually, the Fed's insulation from flailing, self-defeating politics is more likely a result of the way its leaders present themselves to the public. "The job market is strong and inflation is low".
Trump was highly critical of Yellen during the 2016 election but praised her after becoming president.
In heading to Brookings, Yellen follows in the steps of former Fed Chairman Ben Bernanke and former vice chairmen Donald Kohn and Alan Blinder, along with former top Fed staffer Nellie Liang. The main thing, though, is that Yellen's Fed has guided investors to a clear understanding of its approach while shielding monetary policy from political strife.
This year there is expected to be three interest rate hikes and I would not be surprised for more if economic data continues to be positive and the US Dollar value decreases.
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