Economic news

Fed’s J. Yellen is going to step down in 2018

U.S. Federal Reserve’s chair Janet Yellen yesterday on Monday a statement, saying she’d retire from the board of the Fed as soon as her term as a chair ends.

The U.S. President made the decision earlier in November to offer the position to Jerome Powell, a Republican, one of the Fed board’s members, thus deciding to part with J. Yellen, not promoting her for a second term.

J. Yellen’s decision came as no surprise and was anticipated by many, however, Democrats had been strongly supporting her staying inside in order to shield her past policies, as they had expressed in various discussions.

J. Yellen in her letter to the President, where she informed of her decision, said that she is satisfied with the considerable improvement of the financial situation compared to a decade ago, and its significant stabilization after the crisis.

The nominated J. Powell was highly praised by the current chair, and she said that smooth transition is her goal.

With the retirement of Janet Yellen the Fed’s seven-member board will be left with only three, the least ever, which could limit the board’s ability to cope with the central bank operations.

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