Tuesday, 13 November, 2018

Janet Yellen to join Brookings Institution upon leaving Fed

Rate rises are coming but global economic strength will allow metals to weather the downward pressure on the dollar So long and thanks for all the growth
Elsie Buchanan | 05 February, 2018, 06:26

In an interview on her last day, Yellen said for the first time publicly that she was disappointed that President Donald Trump did not nominate her for a second term.

The move represents Fed Chair Janet Yellen's swan song.

But Yellen said that she was grateful for the Fed career she did have which covered not only a four-year term as Fed chair but also serving as Fed vice chair for four years before that and also service as president of the Fed's San Francisco regional bank.

With the outset of the Powell era only days away, analysts do not expect a dramatic shift from the Fed on Wednesday.

Of her appointment at Brookings, Yellen said in the same statement that "I'm delighted to be joining the Brookings Institution".

It had been the tradition over the past four decades for the president to renominate the Fed leader for a second term.

Tehran: US Reliance on Nuclear Weapons Moves Humanity Closer to Annihilation
In 1970, the Treaty on the Non-Proliferation of Nuclear Weapons, or NPT, was ratified, and it was extended indefinitely in 1995. In a written statement, Trump on Friday said US strategy is created to make use of nuclear weapons less likely.


"I've been in high level positions in the Federal Reserve for many years, where I think I've had a seat at the table to make the arguments that I thought needed to be made and to advocate for good policy", Yellen said.

"Ultimately it's limited by productivity growth, which is weak", she said. The current unemployment rate of 4.1 percent is a 17-year low; the annual core inflation rate is nearing the Fed's target of 2 percent, with no sign of significantly exceeding it; wages rose 2.6 percent last year. The labor market is nearing full employment, inflation's mild, and Wall Street bulls are running.

Investors will focus on the US 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.

The Dow Jones industrial average closed at 25,520 on Friday after a 665-point drop. "The banking system is more resilient", Yellen said.

As the Fed chair, Yellen has guided the economy toward a healthy path. She first served as a governor under Chairman Alan Greenspan in 1994 to 1997, before chairing the White House Council of Economic Advisers from 1997 to 1999 during the Clinton administration.

"The Fed has begun to shrink its portfolio and - very gradually - has raised interest rates without triggering unwelcome turmoil in financial markets or disrupting the economy's recovery from the Great Recession", it said in a statement.

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