Federal Reserve Chair Janet Yellen says she doesn’t disagree with her predecessor on the substance of monetary policy. She does differ in style, which may prove important if the market reaction to her debut press conference is indicative.
In 1980, the U.S. economy was in the middle of a severe downturn, and jobs weren’t easy to find. So Lou Crandall , after earning a bachelor’s degree with a focus on economics from Cornell University, scattered resumes far and wide. One went to an employment agency looking for bilingual workers. Crandall had spent five years of his boyhood in Italy, where his father taught in an American school, and was fluent in Italian, Bloomberg Markets magazine reports in its January issue.
Federal Reserve Chairman Ben S. Bernanke sent bond yields a percentage point higher just by talking about adding stimulus at a slower pace. The rout serves as a warning to monetary policy makers that their exit from record accommodation won’t be easy to control.
Janet Yellen, nominated to be the next chairman of the Federal Reserve, signaled she will carry on the central bank’s unprecedented stimulus until she sees improvement in an economy that’s operating well below potential.
The Treasury Department may adjust the coupon of the five-year note auction scheduled for Aug. 28 if it wants to avoid an “accidental reopening” of a previous seven-year security, according to Wrightson ICAP LLC.