Yellen to Leave Fed Board When New Leader Sworn In

Gladys Abbott
November 22, 2017

The U.S. Treasuries remained mixed Tuesday as investors are now waiting to watch the Federal Reserve Chair Janet Yellen deliver a speech scheduled for today by 23:00GMT.

Federal Reserve Chair Janet Yellen will leave the central bank entirely next year. But she chose to follow her predecessor, Ben Bernanke, who left the central bank when Yellen replaced him in 2014.

Dr. Yellen, 71, was appointed to the Board by President Obama for an unexpired term ending January 31, 2024.

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'As 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 family and businesses, ' Yellen wrote in her resignation letter to president Donald Trump. "I am also gratified by the substantial improvements in the economy since the crisis", Ms. Yellen said. Aside from the data, the focus for markets will be the progress of the United States tax reform through the Senate and a speech by soon-to-depart Fed Chair Yellen on Tuesday.

Her four-year term as chair of the board ends in February 2018 when Powell will take over. Leaving seats unfilled for a prolonged period could slow progress on this work, while also diluting the number of votes that governors have on setting the USA cost of borrowing. She's previously been the head of the San Francisco Fed and chair of Bill Clinton's Council of Economic Advisers, and she's a professor emerita a the University of California at Berkeley.

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