Midwest expert looking for more rate hikes under new Fed chair

Outgoing Fed chief Yellen says no Wall Street'bubble 3 February 2018

The only woman to serve as the head of the United States central bank described her work at the Fed as "the core of my existence".

The financial system is now "much better capitalized" and the banking system "more resilient" than they were entering the global financial crisis a decade ago, Yellen said.

Federal Reserve Chair Janet Yellen, the first woman to head the nation's central bank, is not taking any time off.

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. The Dow Jones is up by 60% since 2014 and by 160% since 2010, the year Yellen became Vice Chairwoman, having successfully survived a period of unrest around the growth rates of the Chinese economy due to a clear signal that the Fed would postpone rate hikes. In her last day on the job, Yellen added, "I feel great about the economy, I think things are looking very strong".

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"The thing she'll be mostly known for is steering the economy into a fabulous position", said Princeton economist and former Fed Vice Chairman Alan Blinder. "I look forward to continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues", Yellen said in a release from Brookings. "Yes, it can keep going", she said.

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. The Fed has a twin mandate to promote full employment while keeping a lid on inflation. The current unemployment rate of 4.1 percent is a 17-year low; the annual core inflation rate is nearing the Fed's target of 2 percent, with no sign of significantly exceeding it; wages rose 2.6 percent last year. He will be sworn in Monday as her successor.

The bank has also said it would make $80 million in refunds to more than 570,000 of its auto loan customers who were charged for insurance without their knowledge. It is the expectation of many analysts that there will be a raise in rates at this point, which appears to have been factored into Dollars exchange rates.

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