You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

What Janet Yellen's fed might look like


The leader of the Federal Reserve always has a choice to make: what's more important? The unemployment rate, or inflation? Janet Yellen has been making her choice clear for decades.

The 67-year-old Fed veteran was confirmed Monday by the Senate — making her America's first woman chosen to lead the Federal Reserve. She replaces Ben Bernanke on Feb 1, beginning a four-year term. (Via YouTube / UCBerkeleyHaas)

Yellen is what's known as a "dove" — more concerned with getting the unemployment rate down than with halting the inflation of currency. That's not always the most popular policy on Wall Street.

But it is popular with progressive voices like Ezra Klein at The Washington Post, who said the nation needs a Fed chair who really cares about unemployment and that "Appointing her would be a signal to the markets — and everyone else — that the Fed isn't simply going to accept the status quo as America's new normal."

This might mean she'll be more willing to make the Federal Reserve more active and intervening than her predecessor. As Bernanke's number two, she was a leading voice in expanding the Fed's reach and pumping more money into the economy. (Via The New York Times)

And, with that in mind, the vote to confirm her Monday might have been more dramatic if not for a recent Senate rule change. You remember: the one that requires only simple majority support for presidential nominations, rather than the 60 votes previously needed. (Via C-SPAN)

For the record, former Treasury Secretary Larry Summers, who was also up for this job, would also be considered a "dove" — though the consensus among pundits and economic experts seems to be that Yellen is even more of one.

- See more at newsy.com.  

 



Reader Comments ...


Next Up in Nation World

5 guys, one bench, same pose contribute to lifetime of memories
5 guys, one bench, same pose contribute to lifetime of memories

A 35-year tradition continues with the same five guys, on the same bench in the same location. John Wardlaw, Mark Rumer-Cleary, Dallas Burney, John Molony and John Dickson have been friends for more four decades, CNN reported. >> Read more trending news Wardlaw and Dickson were the first two to meet. Wardlaw’s family rented a home from...
Alaska Airlines to host eclipse-chasing flight in August
Alaska Airlines to host eclipse-chasing flight in August

Alaska Airlines will be chasing the first coast-to-coast total solar eclipse in United States history since 1918. On August 21, a special charter flight for select astronomy enthusiasts and eclipse chasers will allow passengers to see the eclipse from more than 35,000 feet above the earth. The flight will depart Portland at 7:30 a.m. and fly off the...
Celebrate Harry Potter’s 20th anniversary
Celebrate Harry Potter’s 20th anniversary

It is hard to believe, but it has been 20 years since the “The Boy Who Lived” first hit our bookshelves. The first Harry Potter book, “Harry Potter and the Philosopher’s Stone,”which is  known as “Harry Potter and the Sorcerer’s Stone” in the U.S., was published June 26, 1997. The anniversary is...
Air show draws large crowds despite Thunderbirds crash
Air show draws large crowds despite Thunderbirds crash

The Vectren Dayton Air Show brought thousands of spectators through the gates over the weekend, despite the cancellation of the Air Force Thunderbirds as the headline act. Official said approximately 44,000 people attended the air show, down 30 percent. RELATED: Who are the two Thunderbirds in Friday’s Dayton Air Show crash? Military jet teams...
Michelle Obama appeared at the BET Awards and Twitter can't handle it
Michelle Obama appeared at the BET Awards and Twitter can't handle it

Former first lady Michelle Obama made a cameo appearance via video message at Sunday night’s BET Awards and Twitter is still overflowing with feelings. “Barack and I are so sorry that we can’t be there tonight in person,” she said as Chance The Rapper was honored with the Humanitarian Award, recognizing his activism...
More Stories