Chairman Ben Bernanke, along with William Dudley and Janet Yellen, continue to hold the belief that more accommodation is required.
Interestingly, the Chairman made no mention of the new forward guidance that was proposed by San Francisco Fed Chief Janet Yellen.
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He mentioned Janet Yellen and Charles Evans by name as proponents of that move, but said they were still looking at possible negative effects.
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U.S. stocks are trading lower this afternoon, with the SPY down 0.5%, despite some upbeat earnings and comments from Federal Reserve Vice Chair Janet Yellen.
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At the Fed's Oct. 30 policy meeting, Janet Yellen, then president of the Federal Reserve Bank of San Francisco, noted that the economy faced increased risks.
In comparison, all three members of Mr Mankiw's CEA, and the one chaired by Janet Yellen during Bill Clinton's later years in office, are on the list.
Wealth inequality is described at length by then Federal Reserve Bank President (now Board Vice Chairman) Janet Yellen and, more recently by former President Bill Clinton.
Championed by Vice-Chairwoman Janet Yellen, the FOMC is mulling whether to transition from their current calendar-based guidance to something including a quantitative-based number, namely on inflation and unemployment.
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Can you confirm that Janet Yellen is the leading candidate for nominee as vice chairman, and that Sarah Raskin and Peter Diamond are under consideration for other vacancies?
Janet Yellen, vice-chair of the US central bank and the person many expect to succeed Ben Bernanke, is the latest senior figure to contribute to this trend, in a speech earlier this week.
He won two supporting votes with the addition of Janet Yellen and Sarah Bloom Raskin to the Fed's Board of Governors, and could get another if the full Senate gets around to confirming nominee Peter Diamond this year.
Both Ben Bernanke and vice chairwoman Janet Yellen have made it clear QE will remained tied to a substantial improvement in labor conditions, which should at least include continued payroll growth and an improvement in hiring, the quit rate, and real GDP.
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