Departing US Fed Chair Yellen To Join Think Tank Brookings Institute

05 February, 2018, 06:27 | Author: Manuel Hopkins
  • Yellen passes Powell a warming economic potato

Outgoing Federal Reserve Chairwoman Janet Yellen won't be out of a job for long - she's joining the Brookings Institution as a distinguished fellow next week, the organization announced Friday. 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.

She is the first Fed leader not to be given the chance to serve a second term in four decades.

Yet after stabilizing the situation, Bernanke left Yellen a task that was in some ways just as hard, and probably more delicate, than the one he faced: how to nudge the recovery along until it was self-sustaining.

Under Yellen's leadership, the Fed in late 2014 halted quantitative easing, an extraordinary monetary policy that injected cash into bond markets in the hopes of stimulating private-sector investment.

The bank prioritised growth over ensuring effective risk management and "the enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely", Yellen said in what was perhaps her last official act as Fed chair.

Before becoming Fed chair in 2014, Yellen had served as the central bank's vice chair and was president of the Fed's San Francisco regional bank.

The economy grew 2.3 percent a year ago.

Activist Omtata in court over TV stations switch off
Trump's administration also commented on the media shutdown by the government, noting the move was restrictive and intimidating. Dennis Onyango, a press officer for Odinga's National Super Alliance (NASA), confirmed to CNN that Miguna had been arrested.

Her success in this area contrasted with a rare, but memorable, stumble by Mr. Bernanke: In 2013, as Fed chairman, Mr. Bernanke triggered what came to be called the "taper tantrum".

Ms. Yellen's predecessors typically anxious most about triggering debilitating bouts of inflation of the kind the United States suffered in the 1970s.

Nevertheless, Mr Powell, one of the rare non-economists to fill the role, could soon face hard policy decisions that will put him at the centre of debate over how fast to raise interest rates. That meant favouring higher rates to limit borrowing and spending. "The job market is strong and inflation is low".

But no one knows yet what the future ramifications will be of the extreme measures the Fed took under her watch and that of her immediate predecessor, .

During Yellen's four-year term, unemployment fell to 4.1 per cent, from 6.7 per cent when she took office.

The current U.S. economic expansion is now approaching nine years and is the third longest in duration since 1945, according to the National Bureau of Economic Research.

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