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US Senate confirms Janet Yellen as new Fed Chair

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US Senate confirms Janet Yellen as new Fed Chair


With 56 senators in favour and 26 opposed, Janet Yellen made history last night after the US senate confirmed her as the first woman to lead the Federal reserve in its hundred year history.

The 67-year-old will take over from outgoing Chair Ben Bernanke on the 1st February.

When she finally does take the reins of the world’s biggest economy most analysts expect her to continue current efforts to keep short term interest rates low, but admit Yellen faces a difficult job.

“She is managing the landing that we are going to have and trying to make that as smooth as possible. I can’t think of another Fed Chair that has faced challenges that are as important and as big as she is facing right now,” said Mark Thoma, an Assistant Professor at the University of Oregon.

One of those main challenges will be how to wean the economy off so much stimulus, particular bond-buying known as quantitative easing, something Yellen has been a keen advocate of.

Another major issue will be getting people back in work, or at the very least, stopping the jobless rate from rising. During her confirmation Yellen’s long-term focus on unemployment was praised by many senators.

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