FEDERAL RESERVE: “Federal Reserve chief Janet Yellen said Monday [11-20-17] she will leave the central bank once her term as chair ends in February, wrapping up a pivotal tenure in which the Fed began to reverse its extraordinary, decadelong support for the economy.
Yellen’s departure from the Fed long before her term as a governor ends in 2024 gives President Donald Trump another big opportunity to shape the world’s most important central bank.
Her announcement comes almost three weeks after Trump nominated Fed Governor Jerome Powell as the next U.S. central bank head, replacing Yellen with a similarly minded but Republican chairman…
Trump indicated that his decision not to keep Yellen — making her the first Fed chief not to receive a second term since the 1970s — stemmed from his desire to make his own mark on the central bank.
Her resignation letter underscored the importance of the Fed’s independence, which is viewed as crucial to separating key monetary policy decisions from short-term politics.”
-Victoria Guida, “Yellen, denied second term as Fed chair, announces resignation,” Politico, Nov. 20, 201720 03:26pm