World Bulletin / News Desk
Janet Yellen said the Fed wants to raise interest rates gradually so as to not allow inflation to surge.
"We don't want to cause a boom-bust condition in the economy,” she told lawmakers as she sets to resign from the central bank in February.
She cautioned against the potential of rising public debt.
Earlier this month, President Donald Trump said he would not nominate Yellen for a second term to lead the central bank, breaking with decades of tradition. Instead, he nominated Jerome Powell, a Republican on the Fed’s board of directors who has voiced an economic philosophy similar to Yellen.
During his confirmation hearing Tuesday before the Senate, Powell said he would continue the Fed's drive toward gradual normalization following more corrective measures toward interest rates put in place following the 2008 economic crisis.
Yellen announced shortly thereafter she would resign entirely from the bank’s board of governors when her term ends in February. Her term as a governor, however, was scheduled to end in 2024.
In general, Yellen painted a glowing picture of the U.S. economy, pointing to a 4.1 percent unemployment rate that is the lowest in about 20 years.
“The economic expansion is increasingly broad based across sectors as well as across much of the global economy,” she said.
Yellen hinted at her feelings about proposed legislation in the Senate aimed at overhauling the country’s tax code. She said that she was troubled by reports from the nonpartisan Congressional Budget Office that the bill could cause the national debt to widen even further.
She told lawmakers that supporting education, infrastructure projects and innovation should be a focus. Yellen thought “dismally low” productivity growth in the U.S. would continue to curb the economy and cause wages to stagnate.
Lee, a naturalized US citizen also known as Zhen Cheng Li, was arrested late Monday after he arrived at JFK International Airport in New York.
Israeli forces first detained al-Tamimi on Dec. 19 during an overnight raid
If France recognizes Palestine as a state, more countries will follow it, says Luxembourg FM
U.S. said Tuesday it was suspending a total of $65 million in aid to Palestine
Reason for crash not yet known, defense minister says
Electoral coalitions in Iraq are often formed based on sectarian and ethnic lines
Al-Aqsa officials are warned not to carry out any renovation work at flashpoint holy site, local official says
Rescue team has not ruled out possibility of locating more bodies
Israeli officials say Gaza economy was “like from zero to below zero”
Salim al-Jubouri also stresses need to support war-ravaged Nineveh province in post-ISIL era
Press Secretary Sarah Sanders insisted that Trump said "I'd," not "I" as the newspaper reported.
Palestinian minister says Israeli government violates Christian, Muslim places of worship
Five people are still missing after the mudslides, according to an update on the County of Santa Barbara's website, which warned people to "anticipate the numbers of missing persons to fluctuate significantly."
Haider al-Abadi forms Victory Coalition and calls on political groups to join his ‘supra-sectarian national coalition’