5:02 PM » Wonkblog: Fed chair is always a hard job. Yellen is inheriting an even harder one.
It's official. It was a long and strange journey getting to there, but now Janet Yellen, barring unexpected confirmation problems, will be the 15th chairman of the Federal Reserve System. With the Yellen appointment, President Obama is ensuring that the powerful U.S. central bank will be led for the next four years by someone who shares the basic philosophy that Ben Bernanke has brought to the job: that the central problem facing the U.S. economy right now is high unemployment. That the Fed can - indeed is obligated to - use its tools to try to fix that, even if those tools aren't ideal for the job. That monetary policy, whatever its limitations, is a powerful tool to try to make life better for millions of ordinary Americans. Read full article >>