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« I really haven’t had to give further thought to this question, » shetold the House Financial Services Committee, on thefirst of two days of the Fed chair’s semi annual testimony to Congress.Yellen was nominated to her post by President Obama, but the prior three Fed chairs all served more than one term after being re nominated by a president from the opposing party. On Wednesday, Yellenwas asked the same question in a different way later by another lawmaker: Did she anticipate that thiswould be her last appearance before the House Financial Services Committee? Yellen replied: « It may well be. » Trump has not ruled out re nominating Yellen, and at times he has spoken well of her, although he sharply criticized her stewardship of the Fed during the campaign. Speculation has swirled that Trump’s chief economic adviser, former Goldman Sachs head Gary Cohn, would bethe top candidate to replace Yellen.
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In her testimony Wednesday, Yellen said that she expectsthe the central bank to keep making gradualinterest rate increases « to achieve and maintain maximum employment and stable prices. »Yellen did not tip her hand on when the next rate hike would come. The Fed has raised wholesale vikings jerseys its benchmark interest rate three times since December, to a range of 1% to 1.25%. Inflationhas been running well below the Fed’s 2% target inrecent months, leading some analysts to argue that the Wholesale NHL Jerseys China policymakers should hold off on hiking rates or otherwise withdrawing monetary supportfor the economy. Yellenhas attributed the lower than expected reading on inflation partly to transitoryfactors, citing price drops in wireless service plans and prescription drugs. But she said those factors woulddrop out of the inflation calculation in coming months. Treasury and other securities, mostof whichwere bought in response tothe 2008 financial crisisin an effortto drive down long term interest rates and stimulate the economy. Yellen and her colleagues have said the Fed would begin winding down its portfolio of assets this year but haven’t specified when it would start. « Relatively soon, » she said Wednesday. Ashrinking of its balance sheet, like raising interest rates, is aimed at normalizing monetary policy and removing the extraordinary Fed Cheap New Orleans Saints Jerseys In Wholesale Price support to the economy overthe last decade. Yellen’s remarks offered a fairly upbeat assessment of the American economy. She cheap 49ers jerseys said economic growth had rebounded after asluggish first quarter, thanks to a pickup in householdspending amid continued job gains and favorable consumer sentiment.