Feb. 3 (UPI) — Outgoing Federal Reserve Chairwoman Janet Yellen won’t be out of a job for long — she’s joining the Brookings Institution as a distinguished fellow next week, the organization announced Friday.
Yellen ends her four-year term as Fed chief Saturday, and by Monday she’ll be taking up a post at the Washington, D.C.-based economic think tank. She’s following in the footsteps of her predecessor at the Fed, Ben Bernanke, who joined Brookings in 2014.
“Although many hoped that she’d get a second term as Fed chair, we at Brookings are very pleased to have her join our team,” wrote David Wessel, the director of the Hutchins Center on Fiscal and Monetary Policy at Brookings.
He described Yellen’s record at the Fed as “pretty darn good.”
“The Fed has begun to shrink its portfolio and — very gradually — has raised interest rates without triggering unwelcome turmoil in financial markets or disrupting the economy’s recovery from the Great Recession. Unemployment was 6.7 percent when she was sworn in; today, its 4.1 inflation remains shy of the Fed’s 2 percent target, but it is getting closer.”
Jay Powell is scheduled to be sworn in as the new chairman of the Fed on Monday. He received bipartisan support from the Senate, which confirmed him with a vote of 85-12 in January.