Sunday, April 26th14.3°C
25349
24291

Yellen sworn in as Fed chair becoming first woman to lead central bank in its 100-year history

WASHINGTON - Janet Yellen was sworn in Monday to succeed Ben Bernanke, becoming the first woman to lead the Federal Reserve in its 100-year history.

Yellen, who was confirmed by the Senate last month, was sworn in by Fed Governor Daniel Tarullo, the senior member of the Fed's seven-member board.

She took the oath in a brief ceremony in front of a fireplace in the Fed's massive board room. Her husband, Nobel-winning economist George Akerloff, was present as were other Fed board members and Fed staff.

Yellen, 67, made no remarks at her swearing in but did smile to acknowledge the applause of the assembled group.

Nominated by President Barack Obama on Oct. 9, her four-year term as chairman will end on Feb. 3, 2018.

Meanwhile, the Brookings Institution, announced Monday that Bernanke was joining the Washington think-tank as a distinguished fellow in residence.

Bernanke stepped down on Friday after eight years as Fed chairman. He had said he planned to stay in Washington and was looking forward to writing and giving speeches on economic policy.

Yellen, who served as Fed vice chair since 2010, has been a close Bernanke ally. She is expected to continue the Fed's policy of maintaining low interest rates while scaling back on the Fed's bond buying program. The Fed announced a second $10 billion reduction in the bond buying at last week's meeting, Bernanke's last as chairman.

Yellen will get to explain her views in more detail next week when she delivers the Fed's twice-a-year policy report to Congress. She will testify before the House Financial Services Committee on Feb. 11.

The Canadian Press


Read more Business News

25849


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.70-1.78
DJIA18080.14+21.45
Nasdaq5092.08+36.02
S&P 5002117.69+4.76
CDN Dollar0.8203-0.0005
Gold1175.20-17.60
Oil55.50-0.88
Lumber258.50+3.90
Natural Gas2.531+0.002

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 



25918

FEATURED Property
17869501916 Boone Court, Kelowna, BC
10090167 bedrooms
$750,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...

_





25221


Member of BC Press Council


25541