Unless reappointed, Janet Yellen’s term as Federal Reserve Chairperson ends February 3rd, 2018.  Who will be her successor?  That’s an important question.  Since February 1, 2006, there have only been two chairpersons – Ben Bernanke and Janet Yellen.  From a monetary policy perspective, they are essentially the same person – determined to deliver full employment to America as speedily as possible and only slightly concerned by the possible formation of asset bubbles in the process.

They are also immensely transparent.  The approach over the past twelve years has been utterly different from that of Alan Greenspan, who delighted in being America’s monetary man of mystery.  How will the markets respond to the next chairperson, who could conceivably return us to the days of Greenspan and the briefcase index?

July 18th, 2017

Posted In: Monetary Policy

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