Yellen admits disappointment over exit in rare interview

05 February, 2018, 06:25 | Author: Gladys Mathis
  • Yellen chairwoman of the Federal Reserve in Washington on Oct. 31 2017. LEXEY SWALL  NYT

She had a deep understanding of the issues, and knew it. Confident enough to feel she had nothing to prove, she then ran the Fed with quiet assurance, in a way that drew the least possible political blowback.

On Wednesday, Janet Yellen held her last FOMC meeting as Chair of the Federal Reserve.

Wells Fargo says Federal Reserve sanctions on the bank after a fake accounts scandal and other problems could reduce the embattled bank's profits by as much as $400 million this year.

Yellen's final act at the Fed was to hit one of the largest United States banks, Wells Fargo & Co., with an unusual ban on growth that follows the San Francisco-based lender's pattern of consumer abuses and compliance lapses.

Powell, a Fed board member since 2012, is "thoughtful, balanced, dedicated to public service", Yellen said.

Incoming Fed chief Jerome Powell has worked closely with Yellen and embraces her view that keeping rates on a slow upward path will allow unemployment to fall further, coaxing workers back into the labor force and fostering stronger wage growth. She is joining the Brookings Institution think tank.

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Therefore the Fed generally influences the economy more directly than the president and Congress do; this was especially evident during Yellen's 2014-2018 term, when partisan gridlock on Capitol Hill prevented elected officials from launching major policies until the tax cut in December. The Fed has a twin mandate to promote full employment while keeping a lid on inflation. "Yes, it can keep going", she said.

Investors will focus on the USA central bank's gauge of inflation, which remains stubbornly below its 2 percent target, the risks it sees to its economic outlook, and any assessment of the impact of the Trump administration's tax overhaul on growth. Since she took control in February 2014, the Dow Jones Industrial Average has risen by more than 65 per cent.

"Yellen was more of a dove than Jay Powell, who is a little bit more hawkish", Goss said.

Janet Yellen leaves the with the economy clicking, the stock market humming and the central bank on a clear path away from the emergency policies it put into place to help rescue the USA from the deep throes of the financial crisis.

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".

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