President Donald Trump announced plans today to nominate Jerome Powell for chairman of the Federal Reserve, replacing sitting chair Janet Yellen.
Janet Yellen’s term as chair of the Federal Reserve expires in February 2018—but she would not give a yes or no answer when asked if she would serve another term.
President Donald Trump is leaving the possibility open for allowing Janet Yellen to remain the chairwoman of the Federal Reserve instead of replacing her, according to the Wall Street Journal.
Next week the Federal Reserve convenes its Federal Open Market Committee meeting where financial analysts are anticipating hikes in the interest rate. The sense is that the rate hikes indicate a booming economy. Not so fast: It is now less certain the economy is getting back on track. Indeed, it may be headed for trouble. And the reason for concern? Fed chair Janet Yellin was just seen eating at a Subway.
Federal Reserve Chair Janet Yellen said on Tuesday that the Fed will begin to shrink its $4.45 trillion balance sheet when the central bank is confident the economy is on a solid course.
Rep. Jeb Hensarling (R., Texas) said that when the Federal Reserve begins to unwind its balance sheet of roughly $4.5 trillion, there will be a bout of huge inflation or it could throw the economy back into a recession, in an interview with the Washington Free Beacon on Wednesday.