Fed's Yellen Says Solid Economic Growth Means More Rate Hikes Ahead

What now

"This is better than nearly anybody four years ago thought we could do, my guess including Janet Yellen".

"The thing she'll be mostly known for is steering the economy into a fabulous position", said Princeton economist and former Fed Vice Chairman Alan Blinder. The Fed has a twin mandate to promote full employment while keeping a lid on inflation.

Federal Reserve Chair Janet Yellen professed her disappointment over not being tapped for a second term by President Donald Trump.

Yellen's exit marks the end of more than 15 years of public service in two stints at the central bank.

"I would have liked to serve an additional term and I did make that clear, so I will say I was disappointed not to be reappointed", she said Friday on PBS NewsHour in a rare television interview.

"We can not tolerate pervasive and persistent misconduct at any bank, and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again", Janet Yellen said in a statement issued on her last day as the Fed's chair.




Before becoming Fed chair in 2014, Yellen was the central bank's vice-chair and president of the Fed's San Francisco regional bank. Arguably this would only help the U.S. economy to grow faster as exports would become cheaper and foreign investment could continue to increase. He will be officially sworn in Monday.

Ms. Yellen's predecessors typically anxious most about triggering debilitating bouts of inflation of the kind the United States suffered in the 1970s. It is the expectation of many analysts that there will be a raise in rates at this point, which appears to have been factored into Dollars exchange rates. Since then, the Fed has gradually raised rates four additional times, leaving its key rate in a still-low range of 1.25 per cent to 1.5 per cent - well below the level usually associated with a prolonged economic expansion and a tight job market.

Emphasizing the need for improved director oversight of the firm, the Board has sent letters to each current Wells Fargo board member confirming that the firm's board of directors, during the period of compliance breakdowns, did not meet supervisory expectations.

Yet many of Ms. Yellen's critics remain unconvinced.

President Trump's target for USA economic growth has been 3%, but he has also spoken of his desire to see it expand at a rate as high as 6%.

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