The outgoing Fed boss, Janet Yellen, will be seated on US Federal Reserve Board after her successor Jerome Powell takes office. She’ll do her utmost to ensure a smooth transition at Fed’s top, Yellen wrote in a letter to US President Donald Trump, which Fed published.
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She is grateful that financial system is much stronger than it was ten years ago, Yellen, who is first woman at Fed’s top, wrote furr. The US economy has created 17 million jobs in eight years since financial crisis. The goal of maximum employment is within reach.
Yellen’s tenure as Fed boss ends in February 2018. The Fed’s board could, however, be part of rules until January 2024. Trump had criticized Yellen before his election as head of state as “Niedrigzinslerin”. Later, however, he praised her for her official leadership. After departure of Yellen, four seats would be available on Fed board. Only four out of seven items are already occupied.
Trump had chosen lawyer and former investment banker Powell as Yellen’s successor in early November. Now Senate will have to confirm Powell at a hearing next week. Powell is considered moderate and should continue yell’s course of cautious interest rate hikes.
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At beginning of December, US Federal Reserve wants to decide on an adjustment of key interest rate. It has already raised ihndieses year two times to currently valid range Von1, 0 to 1.25 percent and signalled anor step for next month. Boosting dollar against or currencies can have a global impact, as about many countries have debts in US dollars.
