Yellen not troubled by near-decade duration of post-financial-crisis economic recovery
Janet Yellen, whose term as Federal Reserve chairwoman ended Friday, was asked in an interview that aired early Sunday whether the post–financial crisis economic recovery might be getting, after nearly a decade’s duration, troublingly well-worn.
She had a reassuring response:
‘Recoveries don’t die of old age.’
Elsewhere in the “Sunday Morning” interview — dubbed an “exit interview” by CBS
, it can be viewed below — Yellen confessed there is some legitimacy to concerns about asset valuations, with, until a selloff last week, U.S. equity benchmarks
setting record after record. “I don’t want to say [the prices of stocks and other instruments] are too high; I do want to say high.”
She acknowledged disappointment at President Donald Trump’s decision not to reappoint her to a second term at the central bank’s helm, which she called “the central focus of my life” and “the core of my existence” — during his campaign for the presidency he’d accused the Fed under Yellen of “doing political” by keeping interest rates artificially low but later had kinder words for her — yet said she takes solace in the years she spent as an influential Fed policy maker before taking on the top job there.
She described her successor, Jerome Powell, as thoughtful, balanced and dedicated to public service.