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Yellen Offers Thumbs-Up for Powell
The former head of the Federal Reserve has expressed satisfaction with the performance of her successor.
According to a Philadelphia Inquirer report, Janet Yellen praised Fed Chairman Jerome Powell during a presentation at the University of Pennsylvania’s Wharton School, her first public appearance since leaving the central bank. Yellen said that she was “very impressed” with the intelligence and preparation that Powell has shown, noting that he has diligently worked to get up to speed on economic scholarship even though he does not a Ph.D. in economics. Yellen added that the doctorate degree wasn’t necessary “to understand economics and apply it.”
From her own experience, Yellen said that chairing the Fed “was a job I loved,” even though it came with “a high degree of stress” in explaining Fed policies to Congress and the public. Nonetheless, she claimed that she loved the “freedom” of her post-Fed work as a Distinguished Fellow at the Brookings Institution, a Washington think tank.
