Here's What Trump's Fed Chair Pick Means For The Economy
The favored pick, Jerome Powell, has supporters on both sides of the aisle.LEARN MORE
The Federal Reserve chair said she'd leave the agency next year after President Donald Trump nominated Jerome Powell to replace her.
Federal Reserve Chair Janet Yellen confirmed Monday she will leave the Fed entirely next year.
Yellen's four-year term as chair expires in February, but she could have stayed on the Board of Governors until 2024. Now Yellen says she'll step down from the board as well. Current Governor Jerome Powell has been nominated to replace her.
During her tenure, Yellen oversaw the first interest rate hikes at the bank in almost a decade, as well as a period of slow but steady growth and shrinking unemployment. However, the bank hasn't been able to hit its inflation target of 2 percent.
President Donald Trump announced in early November that he'd tapped Powell to replace Yellen, breaking a recent precedent of new presidents extending the term of the incumbent Fed chair.
Yellen's departure will leave Trump with three empty seats on the governors board and a vice chair position to fill. Besides Powell, there is only one Obama-era appointee left on the Fed's board.
The U.S. workforce has continued steady growth in the face of rising interest rates, which often stifles the job market.
As a limited test, the first CosMc's will open in Illinois this month, with a handful of other locations planned in the coming months.
The writers are participating in the newspaper's biggest work stoppage in 50 years as workers seek raises.
The CDC says millions of Americans could be affected by the long-lasting, difficult-to-treat disease.
The rules would go into full effect in 2025, and could serve as a blueprint for regulators elsewhere in the world.
"Godzilla Minus One" takes the franchise back to its deeply political roots of post-WWII Japan — and critics say it's now one of the best films.