President Donald Trump said in July that Yellen is “absolutely” in the running to remain at the helm of the U.S. central bank when her term expires in February. That doesn’t mean he’ll pick her, or that she even wants a second term. Yellen has declined to comment on the topic. The White House is also considering other candidates.
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Yellen has also presided over the end of the Fed’s emergency-era bond purchases and mapped out a path to gradually shrink its $4.5 trillion balance sheet–both without repeating the market-roiling taper tantrum of predecessor Ben Bernanke. Some 71 percent of 42 economists in a Bloomberg News survey conducted Sept. 12-14 expect the Fed to announce when it will start the runoff at the conclusion of its meeting Wednesday.
Yellen’s tenure seems to us like an extended Wil-e-coyote moment amidst a debt-deflationary phase-shift in the financial economy…