Tuesday, 21 November 2017 02:45 WIB | FISCAL & MONETARY |YellenMoneter
Janet Yellen on Monday announced she will step down from the Federal Reserve, after not being nominated for a second term of running the central bank.
Yellen, the first woman to run the central bank, could have stayed on at the Fed as a governor, even as President Trump opted to replace her with Jerome Powell.
But Yellen, who also was vice chair to Bernanke, served as a governor at the Alan Greenspan Fed, and was president of the San Francisco Fed, said it was her great privilege and honor to serve at the Fed over three decades.
œAs 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. œI am also gratified by the substantial improvement in the economy since the crisis.
She noted the U.S. economy has added 17 million jobs over the last eight years and said, by most metrics, it™s close to achieving the central bank™s 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 œis deeply committed to the mission of the central bank. Yellen says she™ll stay until her successor is sworn in.
The Senate is expected to confirm Powell.