Economy

xchrom

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18. AS FED ENDS BOND BUYS, YELLEN TO EXPAND INFLUENC

Thu Oct 30, 2014, 06:59 AM

Oct 2014

http://hosted.ap.org/dynamic/stories/U/US_FEDERAL_RESERVE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-10-30-00-35-38

WASHINGTON (AP) -- When the Federal Reserve announced the end of its landmark bond buying program Wednesday, it also signaled the start of something else:

The Janet Yellen era.

Officially, Yellen has been Fed chair since February. But the phase-out of the bond-buying stimulus program Yellen inherited from her predecessor, Ben Bernanke, truly marks her inauguration. She can now begin to fully stamp her influence on the central bank.

With the job market showing steady gains, Yellen must now grapple with the fateful decision of when to raise short-term interest rates, which the Fed has kept at record lows since 2008 to help the economy.

"Janet Yellen's ability to place her mark on the nation's monetary policy is only now opening up," said Scott Anderson, chief economist at Bank of the West. "It will largely be Yellen" who guides rates back to their historic averages from near-zero levels.

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STOCK MARKET WATCH -- Thursday, 30 October 2014 [View all] Tansy_Gold Oct 2014 OP

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