Janet Yellen is an American economist, since February 3, 2014, she has served as Chairman of the Board of Governors of the Federal Reserve System (FRS) of the United States and Chairman of the Federal Open Market Committee (FOMC). Prior to that, since October 2010, she served as Deputy Chairman of the Fed.

Janet Yellen (full name Janet Louise Yellen - Janet Louise Yellen) was born August 13, 1946 in Brooklyn, New York. She graduated from Fort Hamilton School in Brooklyn, then studied economics at Brown University. She received her PhD from Yale University in 1971. After that, she worked at Harvard until 1976.

In 1977 and 1978 Janet Yellen worked as an economist at the Fed. There she met George Akerlof, whom she married a year later. Yellen taught at the London School of Economics and Political Science from 1978 to 1980 and then at the Haas School of Business at the University of California.

Janet Yellen at the Fed

Janet Yellen has been a member of the US Federal Reserve Board since August 1994. In February 1997, Yellen left her position at the Fed to chair the US President's Council of Economic Advisers (Bill Clinton was president at the time).

Since 2004, Yellen has headed the Federal Reserve Bank of San Francisco. In 2005, Janet was among the first to draw attention to the existence of problems in the real estate market that could damage the economy. In September 2007, at a meeting of the Fed, Yellen was among the representatives who pointed to the negative impact of the mortgage crisis on the economy as a whole; she also emphasized the need for pre-emptive action. In October 2008, Yellen was the first of the Fed's representatives to point to the beginning of a recession in the United States.

In April 2010, Janet Yellen was nominated for the position of Fed Vice Chair (Ben Bernanke) and took office in October. In her first speech in her new role, Yellen noted that continued low interest rates to stimulate the economy could increase leverage and risk in the financial system. During the second round of quantitative easing, Yellen opined that such measures are not a panacea, but will be effective in increasing employment and maintaining price stability.

In April 2012, during her speech, Janet Yellen acknowledged that the Fed's stimulus measures in the immediate aftermath of the recession were insufficient. In November 2012, Yellen spoke out in support of the idea of ​​setting targets (unemployment and inflation) for the Federal Reserve. In the same month, Fed officials announced that they would keep rates close to 0 until the unemployment rate falls below 6.5%.

On October 9, 2013, Janet Yellen was officially presented as a candidate for the post of head of the Fed, replacing Ben Bernanke, whose term expired on January 31, 2014. On January 6, 2014, the Senate voted to appoint Janet Yellen to the post of head of the Fed. On February 3, she officially took up her duties. Yellen became the first woman to serve as chairman of the US Federal Reserve Board. Prior to her appointment, there had been no Democrats in the position since Paul Volcker was appointed in 1979.

You can watch the speeches of the head of the Fed Janet Yellen on the official website of the US Federal Reserve in the section

Janet Yellen (eng. Janet Yellen, b. 08/13/1946, Brooklyn, New York) is an American economist, vice chairman of the Board of Governors of the Federal Reserve System of the United States of America.

1 Biography

2 Views

3 Major works

4 Notes

Biography[edit | edit source]

Janet Yellen was born into a Jewish family. Mother Anna (maiden name Blumenthal), father Julius Yellen worked as a family doctor. Janet graduated from Fort Hamilton High School in Brooklyn.

B.A. Brown University (1967, cum laude); PhD from Yale University (1971).

She taught at Harvard (1971-1976), at the London School of Economics (1978-1980) and the Haas School of Business (University of California; since 1980). She chaired the Council of Economic Advisers under the President of the United States (1997-1999). The president Reserve Bank in San Francisco (2004-2010). Since 2009, he has been a voting member of the Federal Reserve Board of the Open Market Committee. Since October 4, 2010 - Deputy Chairman of the Council managers Federal Reserve System of the United States of America USA.

On October 9, 2013, Yellen was nominated to head Fed president USA Barack Obama. In this position, she should replace Ben Bernanke, whose term ends on January 31, 2014. To confirm the candidacy, the approval of 60 members of the US Congress chamber out of 100 is required.

Husband - George Akerlof, American economist, Nobel Prize in Economics (2001). Son - Robert Akerlof, assistant professor at the University of Warwick.

Views[edit | edit source]

"She advocated decisive action by the Fed at a time when stimulus was viewed as a dirty word in Washington."

Major works[edit | edit source]

"Monetary Policy: Goals and Strategy" ( monetary policy: Goals and Strategy, 1996)

"The Continued Importance of Trade Liberalization" (The Continuing Importance of Trade Liberalization, 1998).

Notes

Encyclopedia of the investor. 2013 .

Janet Yellen
head of the US Federal Reserve

Citizenship: USA

Education and degree: BA Arts/Science from Brown University (1967, cum laude); PhD from Yale University (1971)

Family and Children: husband - George Akerlof, American economist, Nobel Prize in Economics (2001). Son - Robert Akerlof, assistant professor at the University of Warwick.

Career:

• graduated from Fort Hamilton High School in Brooklyn;
• received a bachelor's degree in economics from Brown University (1967, cum laude);
• received her PhD from Yale University (1971);
• worked as an assistant professor at Harvard (1971-1976), at the London School of Economics (1978-1980) and the Haas School of Business (University of California; since 1980);
• from 1977 to 1978 she was an economist at the Board of Governors of the Federal Reserve System (FRS);
• in 1994-1997 - member of the Board of Governors of the FRS;
• from 1997 to 1999 she headed the Council of Economic Advisers of US President Bill Clinton;
• in 1997-1999 she was also chairman of the economic policy committee of the Organization for Economic Cooperation and Development (OECD);
• since 1999 she has worked at the University of Berkeley
• from 2004 to 2010 she was President of the Federal Reserve Bank of San Francisco;
• since 2009, voting member of the US Federal Reserve Open Market Committee;
• since October 4, 2010 - Deputy Chairman of the Board of Governors of the US Federal Reserve System;
• January 6, 2014 became the head of the US Federal Reserve.

Events in life:

Biography of Janet Yellen from Vedomosti.ru

The perfect couple

Janet Yellen was born in 1946 in a working-class Brooklyn neighborhood. She comes from a Jewish family, although not Orthodox. My father worked as the family doctor, setting up an office on the first floor of their house on Ridge Boulevard. The mother taught at an elementary school, but quit to raise Janet and her brother. Yellen was an excellent student - in high school she was the best in the class in almost all disciplines. Interest in money and economics was instilled in her by her mother, who was in charge of family finances. Together with their daughter, they carefully read economic newspapers and stock reports. Yellen originally planned to get a degree in mathematics from Brown University in Rhode Island. But in the end she made a choice in favor of economics - this science seemed to her as precise as mathematics, but less abstract. She graduated from the university with honors. After that, she continued her education at Yale University under the guidance of James Tobin, a well-known Keynesian and Nobel Prize winner "for his analysis of the state of financial markets and their influence on decision-making policy in the field of spending, on the situation with unemployment, production and prices."

After receiving her diploma, she went to build a teaching career at Harvard - among her students, in particular, was the future US Secretary of the Treasury Lawrence Summers. In 1977, Yellen moved from theory to practice, starting as an economist at the Fed. The first "entry" to the Fed did not last long - only two years. Once in a cafe, she met George Akerlof - then a researcher, and later a Nobel laureate "for the analysis of markets with asymmetric information." They got married and went to work at the London School of Economics. A couple of years later, both returned to San Francisco, where in the 1980s. taught and produced a long series of academic papers. Now Yellen's colleagues joke that husband and wife complement each other perfectly: Akerlof gives out crazy ideas, pedantic Yellen supplements them with neat, logical reasoning.

fateful call

Yellen would have remained a scientist, but in 1994, when she was 48 years old, there was a call from the White House with a proposal to join the Fed's board of governors. She left it in 1997 to head the Council of Economic Advisers to President Bill Clinton. At the same time, she chaired the economic policy committee at the OECD. In 1999, she returned to research at the University of Berkeley, but in 2004 she was called again by the Fed: she headed the Federal Reserve Bank (FRB) in San Francisco, in October 2010 she was elected for four years as vice chairman of the Fed. Speaking about Yellen, experts and market participants are unanimous: this is an unusually sweet and polite person. For example, the well-known economist Sir Partha Sarati Dasgupta, who rented a house to her in the late 1970s, admits: “If we were neighbors, I would easily discuss personal problems with her.” One colleague says of Yellen that she is "a little lady with a big IQ." One of Yellen's strengths as a candidate to run the Fed is that she served 12 years on the Fed's Open Market Committee. One can clearly imagine what kind of policy she will pursue if she succeeds Bernanke. She is considered the "dove" of monetary policy, prone to simplification. She is one of the Fed's most astute economic analysts, and a vocal advocate of the Fed's dual mandate to balance low inflation and low unemployment.

Yellen is a champion of more openness in the activities of the Fed. Since becoming Vice Chair of the Fed in 2010, she has chaired the Public Relations Commission of the Open Market Committee. It not only releases clarifications on the inflation target, but also holds press conferences, publishes the lowest possible rates with an unemployment rate of 6.5%, and the committee's forecasts about the future value of the rate. In her 2011 speech, Yellen explained: “Transparency is an important aspect of conducting monetary policy in a democratic society.<…>Expectations play a critical role in both households and businesses making decisions about how much to spend, invest, and how many to hire or fire.<…>Well-conducted public relations also helps shape his long-term inflation expectations, and this, in turn, can seriously contribute to the conduct of monetary policy.<…>I believe the Fed is one of the most open and transparent central banks in the world.”

In particular, thanks to Yellen in January 2012, it was explained in detail why exactly 2% is taken as the inflation target. “I sincerely believe that aiming for an inflation rate of 2% is a great idea, we need to slowly implement it, watching the changes along the way,” she said at a committee meeting. In this way, it is easier for the public to understand what to expect, it is easier to deal with inflationary and deflationary fears, and in addition, this contributes to the accountability and transparency of the Fed itself.

Didn't see the crisis

Yellen is not very fond of sudden movements. One story from her life helps to understand why a couple of weeks ago the Fed decided to keep the quantitative easing program at the same level, that is, continue to spend $85 billion a month on buying Treasury and mortgage bonds. Yellen is the only current member of the Open Market Committee, having served on the committee in 1994, when the Fed doubled interest rates from 3% to 6% amid a steady economic recovery.

In November of that year, Alan Greenspan, who headed the Fed, was about to raise rates by 75 basis points. "I think we're behind the trend," he explained at a committee meeting on open market operations. Yellen feared that such an aggressive policy could backfire. “My concern is that bond yields could rise more than [we] predict, and there is a risk that the markets will react to this,” she argued and insisted on 50 basis points. But her opinion was not heard then. And the next month it really backfired: Orange County in California became the largest municipal bankrupt in the United States at that time, and Mexico was forced to devalue the peso - the so-called tequila crisis began. Time proved Yellen right - in July 1995, the Fed again started cutting rates. That experience taught her caution when it comes to sudden changes in rates.

As an analyst, Yellen did not always make correct predictions, but more often than not, they did come true. Back in 2005, as head of the San Francisco Fed, she was much more worried than most about the growing risks of the financial system and even foresaw trouble from a growing real estate bubble. In 2005-2006 she spoke of too low savings, bewilderingly low long-term bond rates, and too-fast-rising property prices. True, she did not allow the thought of a large-scale crisis even in January 2007.

In hindsight, it became clear that Yellen correctly identified almost all the triggers of the crisis. But the Open Market Committee's transcripts lack the finishing touch: after all the criticism, she never once called for a dramatic change in monetary policy. True, the regulators tried to write new rules, but fell out in the process of preparing them, and when the new regulations finally came into being in December 2006, they turned out to be belated and emasculated. “You could have taken them, torn them up and put them in the trash,” Yellen was quoted as saying by The Wall Street Journal when she testified before a congressional committee investigating the crisis in 2010.

Tight control

When the crisis did break out, Yellen's reaction was typical of her entire tenure at the Fed: she insisted that the Fed could and should try to stabilize the real economy, focusing on unemployment and inflation. “San Francisco is in the midst of a real estate crisis. For this alone, Yellen [as the head of the local FRB] should have been held accountable,” Mark Calabria, professor at Cato University, fumed on the pages of the WSJ. But Yellen appears to have tried everything in her power to avert the crisis.

In 2005, an interesting story happened. The parent company, Countrywide Financial Corp, was regulated by the San Francisco Fed under Yellen. In 2005, the firm reorganized so that the Thrift Supervisory Authority now became its regulator. In financial circles, it was said that the change of regulator was the real task of the whole operation: the Yellen department put forward too harsh requirements. Of the 80 banks that collapsed between 2008 and 2010, less than half were supervised by the San Francisco Fed, the rest were the responsibility of other agencies.

Countrywide Financial Corp was hit hard by the crisis and was bought by Bank of America in 2008. Later, Yellen admitted to a congressional committee that she did not foresee any problems with Countrywide Financial Corp, but it was the largest mortgage lender in the United States, so she established special supervision for him. Stephen Gardner, the CEO of Pacific Premier Bank, who also had a lot of mortgage-backed securities before the crisis, also complained about tight regulation from the FRB under Yellen. As a result, the bank survived with a fairly large margin of safety, the WSJ notes.

Do not think that Yellen's tight control helped all the wards survive. The FRB missed or failed to fix quite a lot in those years. For example, it identified weaknesses in corporate governance and numerous shortcomings at Whitman back in 2005, but did not take serious action until 2009. And in 2011, the bank, which never recovered from the crisis, still had to close. A similar story happened with Barnes Banking Co, only it collapsed back in January 2010. Wells Fargo & CoH was among its wards. He actively traded in high-risk securities through his division, which did not attract deposits. In 2011, he paid an $85 million fine on allegations that his employees had falsified documents.

Yellen herself complained that, due to the repeal of the Glass-Steagall law, she had little leverage on commercial banks: in fact, only a part of the business that attracts deposits, and structures operating with securities were often outside her competence. But she did not consider herself entitled to openly question the policy of the Fed, Yellen admitted. She lacks connections in political circles, the WSJ concludes. In addition, no matter what they write in the Financial Times, many refer to her as more of a "dove" than a "hawk."

Need for consolidation

When Yellen first joined the Fed in 1977, the envy of every central bank in the world was the ability of the Germans to keep prices stable for long periods of time. There was even an intention in Congress to leave only inflation as a benchmark for the Fed. Yellen has been highly critical of these attempts. Later, in an Open Market Committee debate in 1995, which was remembered by those present not only for its quality, but also for its reigning politeness, Yellen argued that people were worried not only. “Society is concerned about the consequences [of our policies],” she said. “Households and business people really dislike fluctuations in the level of output or inflation, and they can be understood.”

And when unemployment and inflation benchmarks come into conflict and a difficult compromise must be made, Yellen’s position is: “It seems to me that it is much more wise and humane to allow inflation to rise from time to time, even if it is higher than planned.” During the crisis, this stance led her to advocate for a preemptive and more aggressive rate cut and, as a result, for tighter stimulus. Recently, her notion of "optimal control" of the economy has meant inflation around 2% to force it to fall faster.

According to the WSJ, it was Yellen who invented and proved that it was necessary to reduce the long-term interest rate, for which it was necessary to print dollars and buy long-term bonds with them. But her views on banking policy are harder to understand, and in this she is fundamentally different from another possible successor to Bernanke, who, however, has already withdrawn his candidacy - former US Treasury Secretary and adviser to Barack Obama Summers. He called for easier regulation of loans and risks. True, for many years the regulation of the financial system resembled a patchwork quilt, with different agencies competing for power. Yellen says inconsistencies across regulators have allowed companies to exploit control gaps. She does not like that Summers, as US Treasury Secretary in 1999, supported the repeal of the Glass-Steagall Act of 1933, which prohibited commercial banks from engaging in investment activities and limited the right of banks to deal in securities. Yellen herself noticed that regulators are too fragmented, they need consolidation. And she spoke in favor of tightening the requirements for the capital of banks in fat years, so that in times of crisis they have a big safety cushion. And yet, she admitted to the congressional committee, we need rules that automatically come into force when market troubles begin.

People about Janet Yellen:

Colleagues

“She has a great sense of humor. Her husband can make her laugh to tears, says Berkeley professor Laura Tyson. “I think she is a balanced person and has a happy life.”

subordinates

“She was extremely demanding of us, but never heard from her “Do it because I want to!” recalls Mary Daly, who worked with Yellen at the FBI in San Francisco. “She never asked more of us than she could have asked of herself.”

Bibliography:

• "Monetary Policy: Goals and Strategy" (Monetary Policy: Goals and Strategy, 1996)
• "The Continued Importance of Trade Liberalization" (The Continuing Importance of Trade Liberalization, 1998).

Janet Yellen was born into a Jewish family. Mother - Anna Ruth Yellen (maiden name Blumenthal, 1907-1986); father, Julius Yellen (1906-1975), worked as a family doctor.

Education

Janet graduated from Fort Hamilton High School in Brooklyn. B.A. Brown University (1967, cum laude); PhD from Yale University (1971).

"Ratings"

"News"

Trump has decided on the candidacy of the new head of the Fed

Donald Trump decided not to renew the powers of Janet Yellen as head of the Fed, choosing the candidacy of Jerome Powell, learned the WSJ. If this happens, it will be the first such case in almost 40 years.

Comments. Yellen surprised the markets and supported the dollar

The last meeting of the US Federal Reserve this year was held yesterday, at which the rate was expected to be raised by 0.25%, to a range of 0.50-0.75%. The greatest interest was in the performance of Janet Yellen. The wording in the macroeconomic forecast turned out to be very curious: “the current rate of rate hike once a year will accelerate in 2017.” All the details from the expert of the Alpari company Roman Tkachuk.

The Fed is not yet clear how Trump's plans may affect the economy - Janet Yellen

The US Federal Reserve System, which performs the functions of a central bank, considers the question of how the plans of the emerging Republican administration of Donald Trump in the United States may affect the American economy not yet clear. Fed Chair Janet Yellen announced this today at a press conference following a regular meeting of the Fed's Steering Committee on the Open Market.

QBF: Janet Yellen's comments will have the biggest impact on market dynamics

“US stock indices ended the trading day in the green zone. Investors continued to buy shares of local companies, despite the upcoming announcement of the Fed's decision on the rate, since at the moment the likelihood of a rate hike of 0.25 bp. estimated by the market at 93.2%. This statistic suggests that the rate hike event is already reflected in market prices. For the Fed, there is only one factor left that can have a restraining effect on the pace of monetary tightening - the rise in the dollar. First of all, exporting companies will suffer from this, which is confirmed by the published data on export and import prices, which in November 2016 decreased by 0.3% y/y and 0.1% y/y due to the negative impact of currency fluctuations . On Wednesday, the attention of investors around the world will be riveted to the Fed's press conference on interest rates, which will announce the parameters of monetary policy for 2017. It is the statements of Janet Yellen that will have the greatest impact on the dynamics of trading,” said QBF analyst Roman Kuznetsov.

YELLEN'S STATEMENT LEADS TO THE DOLLAR RISE

On Friday, September 25, the head of the US Federal Reserve, Janet Yellen, delivered a speech at the University of Massachusetts, during which she confirmed that an interest rate hike could occur later in 2015.

Focus on Janet Yellen

Having not found any ideas for continued growth, the Russian market showed near-zero dynamics the day before. The key event of Tuesday will be the speech of the head of the Fed, Janet Yellen.

US Federal Reserve Chair Janet Yellen Named World's Most Powerful Person

This year, Bloomberg did not include a single Russian on its list for the first time.

The authoritative agency Bloomberg has published its annual ranking of the 50 most influential people in the world. The list includes businessmen, politicians, public figures. First place went to 69-year-old Janet Yellen, head of the US Federal Reserve. She has been in office since February 2014 and is the first woman to hold this position.

Janet Yellen forecast: the Fed will raise rates before the end of the year

Speaking at the University of Massachusetts Amherst, Yellen presented the most detailed rationale to date for the possibility of raising interest rates before the end of this year, writes WSJ. According to the central bank, the influence of factors weakening the US economy has decreased to such an extent that inflationary pressure will gradually increase. So far, those pressures have not materialized as they are being held back by a strong dollar, falling oil prices and imports, Yellen said, but as those factors subside, consumer prices will gradually rise. According to her, the Fed should stay ahead of these processes and prevent speculation.

The market was afraid for the health of Janet Yellen

US Federal Reserve Chairman Janet Yellen's speech at the University of Massachusetts on Thursday provoked a strong reaction from the market. But the reason for the excitement was not some forecasts or words, but fears for the health of the head of one of the most important regulators in the world.

The head of the American central bank at the end of her long speech was interrupted several times for long pauses and coughs. She talked for about an hour, then she felt unwell. Although she was offered help in order to leave the podium, she left on her own.

Janet Yellen vows to raise US Fed interest rates

The US dollar had a fairly productive week. Euro for five trading sessions with the end of September 25 retreated by 0.2%, the British pound lost 0.3% in tandem with the "American". There were few statistics, as usual for the end of September.

What will Janet Yellen say?

The impact of key external factors that have a significant impact on the behavior of the Russian financial market, today at the beginning of the day, according to our estimates, is developing slightly negative. Quotes of futures for Brent crude yesterday again failed to stay above the level of $49 per barrel, and rolled back to $48 per barrel. Futures for the leading US stock indexes after a drawdown the day before today continue to decline. Asian stock indicators mostly show negative dynamics. We are waiting for the start of the European session on the stock market in a neutral manner.

IC "Euroinvest": Janet Yellen's speech is the most honest in the Fed over the past 7 years

“The business press on the eve of the meeting of the Open Market Committee was strenuously broadcasting that supporters and opponents of the increase in the discount rate in the United States, they say, shared approximately equally. Judging by the fact that in the process of yesterday's landmark vote, only one representative of the American central bank was revealed to vote "against the current" for a rate hike - Jeffrey Lacker from the Richmond Fed, we can conclude that the decision was actually unanimous, and the market this time is just a long time naively deceived himself.

Uralsib Capital: Janet Yellen encouraged stock market participants on Friday

“The words of Fed Chair Janet Yellen about the possibility of a rate hike this year (suggesting that the US and global economies are strong enough to be ready for this step) pushed European markets higher on Friday. The Euro Stoxx 600 is up almost 3%. The reaction of the US market was also positive, but then the quotes of biotech companies began to fall, as a result of which the S&P 500 ended the session at the level of the previous day. The dollar against the backdrop of Yellen's speech reached its highest intraday values ​​since the end of August. The third estimate of US GDP, released on Friday, beat forecasts, but the drop in profits of Chinese companies worsened in August, and this morning the Shanghai Composite is trading slightly in the red. Brent is now losing about 0.1% in price, retreating from positions gained after Friday's close of the Russian market,” said Natalia Berezina, an analyst at Uralsib Capital.

Janet Yellen intends to raise the rate before the end of the year

American stock market yesterday won back most of the losses. The decline in the S&P500 Index amounted to only a third of a percent against a loss of 1.3% at the close of the main trading session on the Moscow Exchange. The development of an upward correction after a weekly decline was facilitated by the expectations of J. Yellen's speech, in which she could clarify the current position of the Fed. After all, the results of the FOMC meeting last week and the subsequent communication of the head of the Fed had a negative impact on financial markets, interrupting the recovery of US stock indices.

This time, J. Yellen tried to indicate the position of the regulator as accurately as possible. According to her, most FOMC members, including herself, expect a rate increase before the end of the year and a smooth increase in the future. If there is no "surprise" from the macroeconomics, then at the October or December meeting it is worth waiting for the beginning of a cycle of tightening policy

Janet Yellen: 10 Facts About the Most Influential Woman in the World

The entire world is watching her every move. One flinch and the stock market could plummet. One wrong move and the global economy could veer back towards recession.

Unsurprisingly given those responsibilities, Janet Yellen was just named the most influential person in the world by Bloomberg Markets. As Chair of the U.S. Federal Reserve, Yellen is in now steering the policy-making committee charged with raising interest rates after a period of unparalleled monetary support for weak U.S. and global economies.

The US dollar is rising, Yellen is expected to speak

On Wednesday, the dollar edged up against other major currencies following the release of a strong US nonfarm payrolls report, while investors awaited a speech by Federal Reserve Chair Janet Yellen later today.

The dollar was up against the yen, with USD/JPY up 0.28% to hit 120.07.

The US private sector employment rose by 200,000 this month, exceeding the projected increase of 194,000, according to ADP.

Janet Yellen's dilemma: The health of the US economy, like the head of the Fed, raises questions

"Neft Rossii", 08.10.15, Moscow, 12:06 In her last speeches - on September 24 and 30 - US Federal Reserve Chairman Janet Yellen consistently argued for the upcoming rate increase. Will the market believe?

The mainstream reaction of the markets to the last decision of the Fed to leave the rate unchanged, which took place on September 17, was actually reduced to the fact that this was the last pause. In other words, the behavior of market players was dominated by a reaction not even to the fact that the rate was left the same, but to the fact that the pause was the last. There was no sell-off of the dollar, as it should have been if the market decided that it had overdone buying dollars, hoping that the rate would be raised right now, the dollar did not depreciate against other major currencies, but rather, on the contrary, continued to grow. The market decided to take advantage of the last pause before the rate increase and, accordingly, the dollar's rise in price. This year, the Fed will have two more meetings on monetary policy - on October 28 and December 16.

Janet Yellen expects Federal Reserve to raise interest rates by end of year

Federal Reserve chair Janet Yellen has made clear that she expects US interest rates to be raised from their current record low before the end of the year.

In an extensive 40-page speech Yellen set out the case for raising rates – for the first since 2006 – as she expects inflation will gradually move up to the Fed’s target rate of 2% as the unusually low oil price rises and strong dollar weakens.

“I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year and to continue boosting short-term rates at a gradual pace thereafter as the labor market improves further and inflation moves back to our 2% objective,” she said during a speech in Amherst, Massachusetts, on Thursday.

Janet Yellen Louise(born August 13, 1946) is an American economist who served as Chairman of the Federal Reserve Board of Governors from 2014–2018, and as Vice Chairman from 2010 to 2014. Previously, she was President and CEO of the Sun Federal Reserve Bank. Francisco; White House Chairman of the Council of Economic Advisers under President Bill Clinton; and professor of business at the University of California, Berkeley, Haas School of Business.

Yellen was appointed by President Obama to succeed Ben Bernanke as chairman of the US NGO Fed. On January 6, 2014, the US Senate confirmed Yelln's appointment. She was sworn in on February 3, 2014, making her the first woman to hold the position.

early life and education

Career

academy

Federal Reserve Bank of San Francisco

From June 14, 2004, until 2010, Yellen was President and CEO of the Federal Reserve Bank of San Francisco. She was a voting member of the Federal Open Market Committee (FOMC) in 2009. Since her appointment to the Fed in 2004, she has spoken publicly, and in Fed monetary policy committee meetings, about her concerns about the possible impact of a house price boom. However, Yellen did not lead the San Francisco Fed to "move to test increasingly indiscriminate lending" at Countrywide Financial, the largest lender in the US

In a speech in San Francisco, 2005, Yellen opposed deflating the housing bubble because "the arguments against trying to deflate the bubble outweigh it" and predicted that the housing bubble "could be big enough to feel like a good thing." big bump in the road, but the economy will probably be able to absorb the hit." In 2010, Yellen told the Financial Services Crisis Inquiry that she and other San Francisco Fed officials were seeking guidance from Washington, because "she had not explored the ability of the San Francisco Fed to act unilaterally," according to New York Times. Yellen acknowledged his previous miscalculation of the Commission's housing crisis: "I guess what I thought was similar to the stock market crash around the tech bubble, that most likely the economy can weather [corpus collapse] and the Fed can move to support the economy the way it does." It was after the tech bubble collapsed."

In July 2009, Yellen was mentioned as a potential successor to Ben Bernanke as Chairman of the Federal Reserve before he was reappointed to Barack Obama.

Vice Chairman of the Federal Reserve System

On April 28, 2010, President Obama nominated Yelln to succeed Donald Cohn as Vice Chairman of the Federal Reserve. In July, the Senate Banking Committee voted 17 to 6 to confirm it, although the top Republican on the panel, Senator Richard K. Shelby of Alabama, voted against, saying he believed Yellen had an "inflationary bias". At the same time, on the heels of related testimony from Fed Chairman Bernanke, FOMC voting members James B. Bullard in St. Louis, the Fed issued a statement saying that the US economy is "at risk" woven into a Japanese-style deflationary outcome over the next few years » ».

Bullard's statement has been interpreted as a possible shift in the FOMC balance sheet between inflationary hawks and doves. Pending confirmation, Yellen, along with those of Peter A. Diamond and Sarah Bloom Raskin to fill vacancies, was seen as possibly furthering such a shift at the FOMC. All three nominations were seen as "on track to be confirmed by the Senate".

On October 4, 2010, Yellen was sworn in for a 4-year term ending October 4, 2014. Yellen was an outspoken advocate of using the Fed's powers to cut unemployment, and seemed more willing than other economists to risk slightly higher inflation to achieve that goal. Yellno simultaneously began a 14-year term as a member of the Fed, which expires on January 31, 2024.

Federal Reserve Chairman

On October 9, 2013, Yellen was formally nominated to replace Bernanke as chairman of the Federal Reserve. In a nomination hearing held on November 14, 2013, Yellen defended over $3 trillion in stimulus funds that were injecting into the US Fed's economy. In addition, Yellen showed that US monetary policy should return towards more conventional monetary policy as soon as the economy returns to normal.

On December 20, 2013, the US Senate voted 59–34 to end the debate on Yellen's nomination. On January 6, 2014, she was confirmed as Chairman of the Federal Reserve by a vote of 56–26, the narrowest margin ever for the position. In addition to being the first woman to hold the position, Yellen is also the first Democratic nominee to run the Fed since Paul Volcker became chairman in 1979. Following the election of the Federal Open Market Committee as its chairman, on January 30, 2014, she took office. February 3rd.

On December 16, 2015, while Yellen was chairman of the Federal Reserve, the latter raised the key interest rate for the first time since 2006. After being in office, Yellen began the process of reversing some of the policies that were enacted in response to the 2008 subprime crisis. that she oversaw a program to sell Treasury and mortgage bonds that the Fed purchased to stimulate the economy. Her reign was also noted for work and wage increases, both of which took place while she kept interest rates low.

Trump is considered renominating Yellen for a new term, but on November 2, 2017 appointed Jérôme Powell to succeed Yellen when her term ended on February 3, 5'3" tall 2018. Yellen was reportedly a factor in Trump's decision. After Trump's decision, Yellen announced that she would leave the Federal Reserve Board of Governors at the end of her term as chairman.

Yellen received generally high marks from supporters and critics during her tenure. According to a study conducted The Washington Post in December 2017, unemployment figures showed a significant improvement since 1948 and, in comparison, the 'S&P 500 cumulative (inflation-adjusted) returns under the last four Fed chairs. Yellen has the most returns... no other recent Fed chair has seen the market climb far as fast as it did under Yellen."

Yellen delivers the Fed's 2018 pep talk

After the Federal Reserve

Yellen was one of the signees of One 2018 Amici Curia in short, expressing support for Harvard University's Students for Fair Admissions v. Harvard lawsuit. Brief's other signees include Alan B. Krueger, Robert M. Solow, George A. Akerlof, Cecilia Rus, and numerous others.

economic philosophy

Honors and awards

In 2012, she was elected an honorary member of the American Economic Association.

In September 2012, she was included in the 50 most influential list Bloomberg Markets magazine.

In 2014 she was named Forbes as the second most powerful woman in the world. She was the highest ranking American on the list.

In May 2015, Yellen received an honorary Doctor of Social Science degree from Yale University.

In October 2015, Yellen received an honorary Doctor of Laws degree from the University of Warwick.

In October 2015, Sovereign Wealth Institute Foundation ranked Yellen #1 on the Public Investor 100 list

In October 2015, Bloomberg Markets ranks Yelln first on its annual list of the 50 most influential economists and politicians.

Positions held

• 2014-2018 Chairman of the Board of Governors of the Federal Reserve System
• 2010-2014 Vice Chairman, Federal Reserve Board of Governors
• 2004-2010 President and CEO of the Federal Reserve Bank of San Francisco
• 1997-1999 Chairman of the President's Council on Economic Affairs
• 1994-1997 Member of the Board of Governors of the Federal Reserve System
• 1985-2006 Professor at the Haas School of Business, University of California, Berkeley
• 1980-1985 Associate Professor, Haas School of Business, University of California, Berkeley
• 1978-1980 Lecturer, London School of Economics and Political Science
• 1977-1978 Economist, International Finance, Trade, and Financial Studies Section, Board of Governors of the Federal Reserve System
• 1974 research fellow,
• 1971-1976 Assistant Professor of Economics at Harvard University

External service and appointments

• President and CEO of the Federal Reserve Bank of San Francisco
• Member of the American Academy of Arts and Sciences, 2001
• Vice President, Western Economics Association, 2001
• Member, Yale Corporation 2000-
• Member of the National Academy of Sciences Panel for Science and Technology Best Presidential Appointments, 2000
• Research Fellow, National Bureau of Economic Research, 1999-
• Advisory Board of the Center for International Political Economy, 1999-
• Advisory Council, Brookings Group of Experts on Economic Activities, 1999
• Chairman: Economic Policy Committee of the Organization for Economic Cooperation and Development 1997-1999
• President's Interdepartmental Commission on Women's Business Enterprise (1997)
• Member and Leader: Brookings Economic Activities Group (Senior Advisor); Advisor to the Economics Group, National Science Foundation;
• Advisor: Congressional Budget Office
• Research Fellow: Yale University and Massachusetts Institute of Technology
• Trustee of Economists for Peace and Security

Selected works

books

• Fabulous Decade: Macroeconomic Lessons from the 1990s(with Alan Blinder), Century Foundation Press, New York, 2001.