Janet Yellen lands new job at Brookings Institution

Rate rises are coming but global economic strength will allow metals to weather the downward pressure on the dollar

As perhaps her final act at the central bank, Yellen late Friday hit one of the largest United States banks, Wells Fargo & Co, with an unusual ban on growth that follows the San Francisco-based lender's pattern of consumer abuses and compliance lapses. She picked up where her predecessor, Ben Bernanke, had left off in nurturing the country's recuperation from a crisis that almost toppled the financial system.

Federal Reserve Chair Janet Yellen, the first woman to head the nation's central bank, is not taking any time off.

Transcripts of Fed policy meetings from the fall of 2008, when Lehman Brothers' collapse ignited the most risky phase of the financial crisis, show that Ms. Yellen helped drive the Fed to unleash just about everything in its economic arsenal, including slashing its key short-term interest rate to a record low near zero. She will stay in Washington as a fellow at the Brookings Institution, the think tank where former Fed Chair Ben Bernanke also works.

"We can not tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again", Chair Janet L. Yellen said.

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As Fed chair, Yellen began the process of exiting from the extraordinary measures that the Fed put in place during the financial crisis and its aftermath, gingerly lifting interest rates from near zero percent and slowly scaling back the central bank's big holdings of bonds.

In the meantime, Wells Fargo is permitted to continue accepting customer deposits and make consumer loans, the Fed said. He will be sworn in Monday as her successor.

The Fed raised rates three times previous year and now projects another three hikes in 2018. Additionally, Wells Fargo plans refunds for customers who were charged extra fees to extend rate locks on mortgages because of delays caused by the bank.

Trump was highly critical of Yellen during the 2016 campaign, but took to praising her after becoming president.

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Yet many of Ms. Yellen's critics remain unconvinced.

The unemployment rate dropped to 4.1 per cent in January this year from 6.7 per cent when she took charge of the central bank in February 2014.

The US economy has expanded more than eight years, the third-longest economic expansion in American history.

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