Yellen's historic legacy: Wise caution in addition to a successful recovery

Who is actually Jerome Powell?

Millions of Americans are back to work, in addition to they have Janet Yellen to thank.

When she began her four-year term as the first woman to lead the Federal Reserve in 2014, the unemployment rate was 6.7%. Today of which’s 4.1%, the lowest in 17 years.

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“There’s less to lose sleep about today than has been true for quite some time, so I feel not bad about the economic outlook,” Yellen said during her final press conference in December. “The labor market is actually in a very much stronger place than of which was eight years ago.”

of which, she said, is actually “tremendously important to the well-being” of Americans.

in addition to of which’s no accident.

Yellen proved to be a deliberate, careful leader as she helped steer the economy through a dangerous time — the years between a historic recession in addition to something close to a normal recovery.

“The thing of which Janet had to figure out was how to turn around in addition to get back to a normal policy in addition to not do of which too fast,” said Alice Rivlin, a senior fellow at the Brookings Institution in addition to a former vice chair at the Fed, who previously worked with Yellen.

Related: American gets a raise: Wage growth fastest since 2009

Yellen was nominated by former President Barack Obama in addition to began serving in 2014. President Trump chose not to put her up for four more years, instead nominating Fed governor Jerome Powell. Yellen is actually the first Fed chair in decades to serve just one term.

In an interview with the PBS NewsHour on Friday, Yellen expressed her “disappointment” not to be reappointed, however said she was “very satisfied” with her 14 year career at the Fed, which included serving as president of the San Francisco Fed. “I definitely had a seat the table through tumultuous times,” she said.

“I might have liked to serve one more term, in addition to I did make of which clear,” Yellen said.

A trained economist, she repeatedly made the case for job training programs to help American workers gain the skills they needed for the jobs of which were in demand. She visited job training programs in Philadelphia in addition to Cleveland to hear about challenges facing the nation’s workforce.

“For those who do not attend college, we must find various other ways to extend economic opportunity to everyone in America,” Yellen told graduates at the University of Baltimore in December 2016.

This specific weekend, Yellen hands the baton to Powell, who served under her as a Fed governor. On Monday, she’ll join a long roster of former Fed colleagues at Brookings, where she’ll continue studying the U.S. economy in addition to the labor market.

Related: Down plunges 666 points — worst day since Brexit

At a warm sendoff for Yellen inside Fed’s historic Eccles Building, Powell told hundreds of staff of which Yellen was the most qualified person ever to be named Fed chair, according to a person who attended the private event on Thursday.

Staff burst into applause as Yellen arrived to speak inside atrium, according to the attendee. She spent an hour speaking with young members of the Fed staff in addition to taking selfies.

in addition to as a final tribute to Yellen in addition to her penchant for turning her collar up, Powell popped his own collar at the end of his remarks. Her future colleagues at Brookings, staff at the fresh York Fed in addition to others on social media posted photos of themselves on Twitter with the hashtag #PopYourCollar.

Unlike her predecessors, Yellen didn’t face a recession or a major crisis during her tenure. She also never cut interest rates.

At the start, there was practically nothing left to cut. Ben Bernanke, her predecessor, had navigated the crisis years by dropping interest rates almost to zero in addition to launching an unprecedented asset-purchase program to support the economy.

Yellen still had plenty to do. She skillfully charted the central bank’s path to lifting rates in addition to slowly reversed the stimulus programs the Fed had begun during the crisis.

“of which was the right appointment at the right moment,” Rivlin said.

When she commenced the job, Yellen was quickly confronted with pressure to begin lifting rates, which had remained historically low since the crisis. Some of her Fed colleagues were anxious over when to act.

Wait too long, Yellen’s critics warned, in addition to inflation could take off. Move too quickly, in addition to the fragile economic recovery could be derailed.

Yellen persuaded her colleagues to move slowly, in addition to she eased the Fed into a fresh normal of long-lasting low interest rates.

Related: As Yellen leaves, Fed will face fresh challenges

“She was cautious in addition to deliberate in addition to always based decisions on not bad analysis in addition to facts,” Rivlin said.

The Fed waited until December 2015, seven full years after the crisis, to begin raising its benchmark rate, in addition to only raised of which four more times.

in addition to the feared rise in prices never materialized. Even Yellen has conceded of which’s something of a mystery, however of which helped prove her right.

“All the worries about inflation skyrocketing didn’t happen,” Kevin Logan, U.S. chief economist at HSBC said. “GDP grew however maybe not as much as we’d like. Employment growth was great.”

Part of Yellen’s legacy may be of which she was astute at the right moments in addition to made the right choices during a delicate period for the U.S. economy.

however of which’s a fact of which the economy benefited.

Yellen’s term ended Friday with the U.S. economy adding a healthy 0,000 jobs in January, doing of which once the economy has added jobs during every month of any Fed chair’s tenure.

“I feel very not bad about the progress we have seen there,” Yellen said referring to the U.S. employment rate in her PBS interview.

“Time won’t tell,” said David Henderson, a research fellow with the Stanford University’s Hoover Institution. “Those are accomplishments.”

sy88pgw (Washington) First published February 3, 2018: 10:14 AM ET


Yellen's historic legacy: Wise caution in addition to a successful recovery

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