Photo by Federalreserve/Flickr
The tenure of Janet Yellen as the Chair of the Federal Reserve might come to an end this weekend. However, instead of taking a well-deserved break, she is transferring to a new job.
On Monday morning, she will start work as a distinguished fellow at the Brookings Institution that is located in Washington, DC.
The Brookings Institution is a self-labelled “non-partisan” American research group and think tank. She will specifically work in the Hutchins Center on Fiscal and Monetary Policy.
Yellen is said to be leaving the Fed after 17 years of service, four of which she spent as the Fed’s chair. On Monday, Jerome Powell, her replacement, will be sworn in.
On Friday, David Wessel, the new boss of Yellen and the director of the Hutchins Center, wrote a blog about welcoming her to her new position.
“Although many hoped that she’d get a second term as Fed chair, we at Brookings are very pleased to have her join our team,” said Wessel.
Wessel continued: “We’re looking forward to helping Dr. Yellen reflect on her impressive career, to working with her as she continues to advance the state of economic knowledge, and to benefitting from her advice as we work to improve the quality and effectiveness of fiscal and monetary policies and public understanding of them.”
This week, the Fed held rates. However, it highlighted heightened inflationary pressures which it anticipates in the coming months.