Janet Yellen to join Brookings Institution upon leaving Fed

Goodbye, Janet Yellen

President Donald Trump nominated current Fed Governor Jerome Powell to replace Yellen to lead the central bank.

She also said the stock market - the Dow Jones industrial average closed at 25,520 Friday after a 665-point drop - was "high", and that the financial system was in stronger shape to handle a sharp sell-off than it was during the 2008 financial crisis.

"The economy is growing at a healthy, solid pace", Yellen said in an interview with PBS NewsHour on the last day of her four-year term.

Outgoing Federal Reserve Chairwoman Janet Yellen won't be out of a job for long - she's joining the Brookings Institution as a distinguished fellow next week, the organization announced Friday. That was accomplished under Bernanke's leadership, so by 2014, when Yellen took over, the Fed's post-crash monetary strategy was well established.

Therefore the Fed generally influences the economy more directly than the president and Congress do; this was especially evident during Yellen's 2014-2018 term, when partisan gridlock on Capitol Hill prevented elected officials from launching major policies until the tax cut in December. Then she will start a new job Monday at the Brookings Institution.

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"The financial system is much better capitalized".

"I made it clear that I would be willing to serve, so yes, I do feel a sense of disappointment" about not being renominated, Yellen said.

Trump was highly critical of Yellen during the 2016 campaign, but took to praising her after becoming president.

It would be comforting to believe that Yellen managed this because people understand that monetary policy needs to be kept out of day-to-day politics, or because people mistakenly think that monetary policy is boring and technical and doesn't much matter to their lives. Regulators can't allow "pervasive and persistent misconduct at any bank", Yellen said in a statement.

As Fed chair, Yellen began the process of exiting from the extraordinary measures that the Fed put in place during the financial crisis and its aftermath, gingerly lifting interest rates from near zero percent and slowly scaling back the central bank's big holdings of bonds. "There could be some volatility in the long-term interest rates, in other words, those could come down a bit, but I'm more toward higher there as well". "But it is a source of some concern that asset valuations are so high".

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