President Barack Obama will nominate Janet Yellen as chairman of the Federal Reserve, which would put the world’s most powerful central bank in the hands of a key architect of its unprecedented stimulus program and the first female leader in its 100-year history.
Janet Yellen as Federal Reserve vice chairman has spent time building relationships across the Fed’s regional banks and with central bankers from Shanghai to London to Mexico City -- everywhere except the corridors of power in Washington.
Federal Reserve officials meeting in Washington today and tomorrow are “wringing their hands” over the U.S. employment situation and are “awfully gun-shy” about undertaking a third round of quantitative easing, said Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Sarasota, Florida.
When Ben S. Bernanke asserted last month that the Federal Reserve doesn’t ever have to sell assets, he raised questions about how the central bank can withdraw its record monetary stimulus without stoking inflation.
Vikram Pandit, who abruptly resigned today as chief executive officer of Citigroup Inc., was among the most vocal critics of shadow banking, the lightly regulated lending that can mask risk in the financial system. He was also among the kings of the business.
Paul Ballew , a senior vice president at Nationwide Mutual Insurance Co. in Columbus, Ohio, and Sung Won Sohn , an economics professor at California State University- Channel Islands, said the Federal Reserve’s statement today shows policy makers are focused on job creation.