(photo credit: REUTERS)
While US President Donald Trump vowed during his campaign that he would replace Federal Reserve Chairwoman Janet Yellen, the tides may be turning for the Brooklyn-born Jewish economist.
When Yellen’s term expires in February, Trump is now expected to either renominate her to lead the Federal Reserve, or name his own chief economic adviser, Gary Cohn, for the position, according to the Wall Street Journal. Lately, Trump has been quoted as praising Yellen for her work at the Federal Reserve, describing her as a “low-interest-rate person.”
was appointed by former president Barack Obama in February 2014 as chairwoman of the Board of Governors of the Federal Reserve System, where she also serves as chairwoman of the Federal Open Market Committee, the institution’s principal monetary policymaking body. An Ivy League-educated economist who has served in many high-profile academic and government positions, Yellen is the third consecutive Jew to head the Federal Reserve.
While Yellen has maintained relatively low interest rates, she did raise them for the first time since 2006 in December 2015 – in a move known as the “liftoff.
” Since then, the Federal Reserve approved an interest rate hike at the end of 2016, followed by an additional two in spring and summer 2017, with another likely on the way.
Trump is expected to announce his new Federal Reserve pick by the end of the year. Yellen, however, continues to be recognized across a wide variety of media as one of the most powerful women in the world.
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