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Yellen Supports Stimulus Efforts Likely Incoming Fed Chief Says Economy Still Needs Boost

In mid-November, Janet Yellen, President Obama's choice to replace Federal Reserve Chief Ben Bernanke, indicated that she would likely continue with the Fed's economic stimulus efforts, known as Quantitative Easing.

At her confirmation hearing in front of the U.S. Senate Banking Committee, Yellen signaled that she intended to carry on with, rather than taper, current efforts until she saw a significant improvement to the economy. Yellen indicated that, at 7.3 percent, unemployment is "still too high, reflecting a labor market and economy performing far short of their potential."

In addition to the auto industry, she optimistically said that housing "seems to have turned a corner." Her remarks were especially important, and were her first public views on the monetary stimulus debate since her last public speech in mid-April. Some Republicans have remained critical about the Fed's repeated Bond-buying efforts since an easy money policy can lead to risks in bubbles.

 

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