WASHINGTON — Janet Yellen said she was disappointed that President Donald Trump didn’t offer her a second term as Federal Reserve chair, but supports her central bank successor, Jerome Powell, who takes over on Monday. “”The financial system is much better capitalized. Yellen noted that it has been common for Fed chairs to receive a second term even when they were first nominated by a president of the other party. Before becoming Fed chair in 2014, Yellen had served as the central bank’s vice chair and was president of the Fed’s San Francisco regional bank. But I do want to say high,” Yellen said, adding that it was “a source of some concern that asset valuations are so high.”

Source: National Post February 04, 2018 18:22 UTC