Yellen's days are numbered, as Powell lays in wait

By David Harrison and Harriet Torry Business Leaders Dow Jones Newswires

Powell will bring continuity in the Fed's approach: Robert Kaplan

Federal Reserve Bank of Dallas President Robert Kaplan on why there should be another rate hike and Jerome Powell's views on monetary policy.

Federal Reserve Chairwoman Janet Yellen said Monday she would resign as a member of the Fed's board of governors once her successor as chairman has been sworn in. 

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Although Ms. Yellen's four-year term as chairwoman ends in February 2018, her term on the Fed board doesn't expire until 2024. In the past, it has been customary for Fed chairmen to step down from the board once their term as Fed chief is up. 

President Donald Trump has nominated Jerome Powell to succeed Ms. Yellen. Mr. Powell currently serves as a member of the Fed's board of governors. 

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Ms. Yellen previously served as Fed vice chairwoman and as president of the San Francisco Fed. 

Write to David Harrison at david.harrison@wsj.com and Harriet Torry at harriet.torry@wsj.com

 

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(END) Dow Jones Newswires 

11-20-17 1415ET 

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