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| Yellen said goodbye |
Janet Yellen time is over. She just left her post as the chair of the Federal Reserve Board. Her last meeting was this past January 31st.
Mrs. Yellen stepped down from the Federal Reserve on February 3, making way for her successor, Jerome Powell, who was sworn in for his four-year term, as first appointed by Donald Trump as Fed chairman.
As an economic policy maker, Janet Louise Yellen was considered as a dove but she worked like a hawk during her fourteen years in the Federal Reserve Bank, the last four as a chair.
She was the first woman leading a hundred-and-five- years old history institution, and in a "Sunday Morning" TV show interview she accepted that she was disappointed because she hasn't had a second term as a chair, like all men that preceded her.
During her term, Yellen started to rescind the monetary stimulus that she designed with her predecessor, Ben Bernanke, looking for economic recovery after the 2008 financial crisis.
As her final signature on the Board, on January 31, 2018, Mrs. Yellen stated that the Federal Open Market Committee left interest rates unchanged and keep it between 1,25%-1,50%.
Since February the fifth, time started for Jerome Hayden Powell, “Jay”, whom is not that new in the Federal Bank.
His name was easily approved by the Congress and that move led to Mr. Trump’s change of a leader without changing the monetary policy, at least not for now.
Mr. Powell ought to make smart and wise policy decisions in order to prevent overheating the economy, without threatening expansion and productivity.
His public debut as Chairman of the Board of Governors of the Federal Reserve System is expected for markets on March 20. He received an economy with an inflation index lower than 2%, a weak dollar, but gas prices are raising, and he needs to contain the inflation, avoiding a new recession and moreover keeps Congress away from his independence. This last one item is really his more defiant job as a Fed Chairman.
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