The Fed: Janet Yellen announces she’s leaving the Fed

Yellen watch is over: Federal Reserve chairwoman says she won’t retain a board-of-governors seat with Jerome Powell at the bank’s helm.

Janet Yellen announced Monday that she will step down from the Federal Reserve, after not having been nominated for a second term at the helm of the U.S. central bank.

Yellen, the first woman to run the bank, could have stayed on at the Fed as a governor until 2024, even as President Trump opted to replace her with Jerome Powell.

Also see: Yellen’s departure gives Trump even more space to rebuild the Fed

But Yellen, who also had served as vice chairwoman under Ben Bernanke, as a governor at the Alan Greenspan Fed, and as president of the San Francisco Fed, said it was her great privilege and honor to serve at the Fed over three decades.

“As I prepare to leave the Board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses,” Yellen said. “I am also gratified by the substantial improvement in the economy since the crisis.”

She noted that the U.S. economy has added 17 million jobs over the last eight years and said that, by most metrics, it’s close to achieving the central bank’s dual objectives of maximum employment and price stability.

At 4.1%, the U.S. unemployment rate is near a 17-year low. Inflation, however, has run short of the Fed’s declared 2% target for most of the last five years.

She wrote she was confident that Powell “is deeply committed” to the mission of the central bank.

Yellen said she’ll stay on until her successor is sworn in. The Senate is expected to confirm Powell.

Filed in: Top News Tags: 

You might like:

The government has no idea how many gig workers there are—why that’s a problem The government has no idea how many gig workers there are—why that’s a problem
God-fearing countries are among the least wealthy—with one notable exception God-fearing countries are among the least wealthy—with one notable exception
America’s 1% hasn’t controlled this much wealth since before the Great Depression America’s 1% hasn’t controlled this much wealth since before the Great Depression
Women don’t see men who drive flashy cars as husband material Women don’t see men who drive flashy cars as husband material
The New York Post: Trump dubs himself ‘your favorite president’ in tweet about Michael Cohen tape The New York Post: Trump dubs himself ‘your favorite president’ in tweet about Michael Cohen tape
The Wall Street Journal: Cease-fire in place between Israel and Hamas in Gaza Strip The Wall Street Journal: Cease-fire in place between Israel and Hamas in Gaza Strip
The New York Post: New York Giants owner says Trump lacks understanding of NFL players’ anthem protests The New York Post: New York Giants owner says Trump lacks understanding of NFL players’ anthem protests
The New York Post: Most of music business’s top money makers in 2017 had been at it for decades The New York Post: Most of music business’s top money makers in 2017 had been at it for decades

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.