If Janet Yellen had any class, she wouldn’t just be announcing an interest rate hike this week — she would also be offering her resignation.
Yellen was appointed chair of the Federal Reserve by President Obama in 2014. While most heads of government agencies will soon be offering their resignations to President-elect Donald Trump, the Fed is not a government agency.
It’s an independent entity.
Which means Yellen doesn’t have to resign. Her term as chair — which makes her, perhaps, the second-most powerful person in Washington — doesn’t end until January 2018.The problem is that Trump appears to understand nothing about Federal Reserve monetray policy and how it impacts the economy. He appears to be a surface-Keynesian. I do not believe he has read The General Theory.