Janet Yellen Submits Resignation to Fed

Yellen told President Trump in a letter on Monday that she will step down from the Fed’s Board of Governors when her successor is sworn in as Fed chair. Trump has nominated Jerome Powell for the top job.

Yellen’s term as a Fed governor was to expire in 2024. As a governor, she would have had a vote on monetary policy. But she chose to follow her predecessor, Ben Bernanke, who left the central bank when Yellen replaced him in 2014.

“It has been my great privilege and honor to serve in the Federal Reserve System,” Yellen, the first woman to lead the Fed, wrote to Trump.

The president decided in October not to nominate Yellen for a second term as Fed chair, despite having said that she was doing an “excellent” job. Trump instead chose Powell, who is currently a Fed governor.

In her letter to Trump, Yellen praised Bernanke for his leadership during the financial crisis. She also touted the economy’s gains over the last eight years, noting that 17 million jobs have been created.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza