Full text: Janet Yellen’s prepared remarks for US Senate, 14 Nov 2013
The following are prepared remarks by Janet Yellen for her first meeting with Congress after being nominated to replace Ben Bernanke as the Federal Reserve Chair
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Janet Yellen
More on why the Fed is going to taper and rely on forward guidance
Comments by top Federal Reserve officials support the idea that the Fed is going to move away from quantitative easing as a policy tool and lean more heavily on forward guidance. There are a number of reasons for this, not the least of…
It Ain’t Gonna be Ben’s Fed for Much Longer
Everyone is familiar with the fact that Federal Reserve Chairman Bernanke’s second term as Chairman is drawing to a close. Janet Yellen is widely expected to ultimately be confirmed by the Senate. What is less appreciated is that the…
The Fed confirms its move to forward guidance and permanent zero
Recently, I wrote a series of posts predicting that the Fed would give up on QE and move toward forward guidance in order to be able to normalize policy. Nevertheless, I have also been saying for quite some time I believe the US zero rate…
Yellen’s rule-based approach to forward guidance is coming
I believe policy makers at the the Federal Reserve have soured on the marginal effectiveness of quantitative easing as a primary tool for monetary policy. As interest rate policy is still not effective with the policy rate at zero, forward…
The Lame Duck President Obama and the Fed Nomination
US President Barack Obama is in his second term in office. And because he cannot run for office again, his decision-making is bound to be different this term than it was in the first term. We are now seeing that in Syria, regarding the NSA…
Yellen’s nomination is not a done deal
Realizing that the Larry Summers nomination as the next Fed chairman was going to face some tough opposition in Congress, the president decided to pick someone else. Of course the next obvious candidate is Janet Yellen. There could be…
Sallie Krawcheck on the Fed Chair selection process
As major central bankers meet in Jackson Hole, Wyoming, Bloomberg, Bloomberg Surveillance was talking about who is going to replace Bernanke as the head of the Federal Reserve. I especially like the way that Sallie Krawcheck discusses the…
The succession battle at the Fed and the Fed’s reaction function
Long-term interest rates are largely a reflection of expected future short-term future interest rates plus a term premium. So when you see yields move up, it reflects either an increase in term premiums from uncertainty or a change in the…
Why Yellen should be the next Fed Chair
Janet Yellen is imminently qualified for the Fed Chair position. I think it makes no tactical or strategic political sense to pass her over for a male candidate - because it would rightly be considered a 'passing over' and need serious…