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    Yellen and The Fed: A WSJ Briefing
    Yellen and The Fed: A WSJ Briefing
    Yellen and The Fed: A WSJ Briefing
    Ebook145 pages1 hour

    Yellen and The Fed: A WSJ Briefing

    By The Wall Street Journal

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    The Federal Open Market Committee, which sets Federal Reserve policy, meets for the first time under the leadership of Chairwoman Janet Yellen, on March 18 and 19. Ms. Yellen, who took the post in February, has pledged to follow the policies of former chairman Ben Bernanke. Still, the meeting and Ms. Yellen’s first press conference afterward will be closely watched around the world for signals of where she plans to lead the central bank. This briefing, with a foreword by the Wall Street Journal’s Chief Economics Correspondent Jon Hilsenrath, excerpts the Journal’s coverage of Ms. Yellen and the Federal Reserve, providing context and background for the committee’s meeting in March and beyond.

    LanguageEnglish
    PublisherThe Wall Street Journal
    Release dateAug 18, 2014
    ISBN9781310043413
    Yellen and The Fed: A WSJ Briefing

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    Yellen and The Fed - The Wall Street Journal

    The Backdrop: A Turning Point for the Federal Reserve

    Yellen Gets Fed Nomination With Bank at Turning Point

    By Jon Hilsenrath

    Oct. 9, 2013

    Janet Yellen, if confirmed to lead the Federal Reserve, faces the difficult task of defining when the central bank will step back from the expansive monetary programs employed over the past six years to salve the crisis-racked economy.

    President Barack Obama introduced Ms. Yellen, beaming at his side, as his choice to become chairwoman of the central bank when Ben Bernanke’s term ends in January. Her nomination is subject to Senate confirmation.

    A lot of people aren’t necessarily sure what the Federal Reserve does, Mr. Obama said. But thanks to the Fed under Mr. Bernanke, he added, more families are able to afford their own home, more small businesses are able to get loans to expand and hire workers, more folks can pay their mortgages and their car loans.

    The selection of the 67-year-old Ms. Yellen was historic on many levels. In one stroke, Ms. Yellen has a chance to become the first woman to run the Fed since its founding in 1913, the most powerful economic policy maker on the globe and one of the most influential women in U.S. history.

    It also puts her in a position to place her stamp on one of the most inscrutable but influential institutions in the U.S. government. The Fed was established after a financial crisis in the early 20th century to provide emergency lending to banks during economic panics. Its role and powers have grown since, to regulating banks, stabilizing inflation and softening the blows of a volatile economy on the nation’s workforce. According to a law passed in 1977, the Fed is assigned to achieve what is known as a dual mandate of maximum employment and stable

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