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| Version 1 | Version 2 |
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| Janet Yellen disappointed Trump did not propose second term as Fed chair | Janet Yellen disappointed Trump did not propose second term as Fed chair |
| (1 day later) | |
| ‘I made it clear that I would be willing to serve another term’ | |
| Opinon: It’s looking like 1987 again for the US economy | |
| Associated Press in Washington | |
| Sun 4 Feb 2018 19.28 GMT | |
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| Janet Yellen said on Sunday she was disappointed that Donald Trump did not offer her a second term as chair of the Federal Reserve. But she also expressed support for her successor, Jerome Powell, who takes over on Monday. | Janet Yellen said on Sunday she was disappointed that Donald Trump did not offer her a second term as chair of the Federal Reserve. But she also expressed support for her successor, Jerome Powell, who takes over on Monday. |
| Yellen was appointed by Barack Obama as the first woman to lead the Fed. Her four-year term ended on Friday; she will now join the Brookings Institution thinktank. | Yellen was appointed by Barack Obama as the first woman to lead the Fed. Her four-year term ended on Friday; she will now join the Brookings Institution thinktank. |
| Speaking to CBS’s Sunday Morning, she noted that it has been common for Fed chairs to receive a second term even when they were first nominated by a president of the other party. | Speaking to CBS’s Sunday Morning, she noted that it has been common for Fed chairs to receive a second term even when they were first nominated by a president of the other party. |
| “I made clear that I would be willing to serve another term and so yes, I do feel a sense of disappointment,” she said. | “I made clear that I would be willing to serve another term and so yes, I do feel a sense of disappointment,” she said. |
| Trump was highly critical of Yellen during the 2016 election but praised her after becoming president. He decided against reappointing the Democrat in favor of nominating Powell, a Republican. | Trump was highly critical of Yellen during the 2016 election but praised her after becoming president. He decided against reappointing the Democrat in favor of nominating Powell, a Republican. |
| Powell, a Fed board member since 2012, is “thoughtful, balanced, dedicated to public service”, Yellen said. “I’ve found him to be a very thoughtful policymaker.” | Powell, a Fed board member since 2012, is “thoughtful, balanced, dedicated to public service”, Yellen said. “I’ve found him to be a very thoughtful policymaker.” |
| The Dow Jones industrial average closed at 25,520 on Friday after a 665-point drop. Yellen said the financial system was in stronger shape to handle a sharp sell-off than it was during the 2008 financial crisis. | The Dow Jones industrial average closed at 25,520 on Friday after a 665-point drop. Yellen said the financial system was in stronger shape to handle a sharp sell-off than it was during the 2008 financial crisis. |
| She cited changes put in place since that time, of which Trump has been critical. | She cited changes put in place since that time, of which Trump has been critical. |
| “The financial system is much better capitalized,” Yellen said. “The banking system is more resilient. Our overall judgment is that, if there were to be a decline in asset valuations, it would not damage unduly the core of our financial system.” | “The financial system is much better capitalized,” Yellen said. “The banking system is more resilient. Our overall judgment is that, if there were to be a decline in asset valuations, it would not damage unduly the core of our financial system.” |
| Yellen was asked if she believed the economy was under threat because stocks had risen too high, creating an asset bubble that could burst, with disastrous results. | Yellen was asked if she believed the economy was under threat because stocks had risen too high, creating an asset bubble that could burst, with disastrous results. |
| “I don’t want to say too high but I do want to say high,” she said, adding that it was “a source of some concern that asset valuations are so high”. | “I don’t want to say too high but I do want to say high,” she said, adding that it was “a source of some concern that asset valuations are so high”. |
| Before becoming Fed chair in 2014, Yellen was the central bank’s vice-chair and president of the Fed’s San Francisco regional bank. | Before becoming Fed chair in 2014, Yellen was the central bank’s vice-chair and president of the Fed’s San Francisco regional bank. |
| “I’ve been in high-level positions in the Federal Reserve for many years,” she said. “I think I’ve had a seat at the table to make the arguments that I thought needed to be made and to advocate for good policy.” | “I’ve been in high-level positions in the Federal Reserve for many years,” she said. “I think I’ve had a seat at the table to make the arguments that I thought needed to be made and to advocate for good policy.” |
| Janet Yellen | |
| Federal Reserve | |
| US economy | |
| Economics | |
| news | |
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