BREAKING NEWS Justice Ruth Bader Ginsburg dead at 87 Full Story

Yellen defends Fed against Trump's attacks

Former Federal Reserve chair Janet Yellen on Monday described President Donald Trump's attacks on the Federa...

Posted: Oct 15, 2018 6:51 PM
Updated: Oct 15, 2018 6:51 PM

Former Federal Reserve chair Janet Yellen on Monday described President Donald Trump's attacks on the Federal Reserve as "damaging to the Fed and to financial stability."

Speaking to the annual Mortgage Bankers Association convention here, Yellen said she has confidence in her Trump-appointed successor, Jerome Powell, and that she didn't believe Trump's comments last week describing recent moves to raise interest rates as "loco" would impact Fed policy.

Banking, finance and investments

Business, economy and trade

Donald Trump

Government organizations - US

Interest rates

Janet Yellen

Political Figures - US

The Fed

US federal departments and agencies

US government independent agencies

Government and public administration

Government bodies and offices

US federal government

White House

Yellen nevertheless was clear that she believes presidents should avoid public comments on Fed policymaking.

"I really think it is not a desirable thing for a president to comment so explicitly on Fed policy," she said. "Obviously, presidents can speak out if they choose to and give their opinions about policy, there's no law against that, but I don't think it's wise and I do think the Fed has a strong reputation for acting in an independent and non-political way and I would not like to see that reputation damaged."

Trump economic advisers have repeatedly defended the President's right to speak his mind about economic policymaking.

"Look -- the President, as a successful businessman and investor, knows a lot about these topics. He's giving his opinion," National Economic Council director Larry Kudlow said on "Fox News Sunday."

The current norm of presidents not commenting on monetary policy stems from 1994, when the Federal Reserve under Alan Greenspan was beginning to raise interest rates as the economy emerged from a recession, spooking the ascendant stock market. Then-President Bill Clinton wanted to speak out against further hikes, but his treasury secretary persuaded him not to, Yellen recalled.

"Rob Rubin, who was I believe a wise adviser, told Clinton it would be self-defeating and counterproductive to criticize the Fed's actions, that it would politicize the Fed, and undermine confidence in a policy that was working," she said. "It was important for markets to know that the Fed has a commitment to price stability."

Last Friday, Trump's Treasury Secretary Steven Mnuchin said in a CNBC interview that while the President "likes low interest rates," he also respects the Fed's independence.

West Lafayette
Clear
60° wxIcon
Hi: 67° Lo: 40°
Feels Like: 60°
Kokomo
Clear
55° wxIcon
Hi: 64° Lo: 37°
Feels Like: 55°
Rensselaer
Clear
50° wxIcon
Hi: 64° Lo: 37°
Feels Like: 50°
Fowler
Clear
50° wxIcon
Hi: 64° Lo: 37°
Feels Like: 50°
Williamsport
Clear
54° wxIcon
Hi: 66° Lo: 38°
Feels Like: 54°
Crawfordsville
Clear
49° wxIcon
Hi: 66° Lo: 40°
Feels Like: 49°
Frankfort
Clear
50° wxIcon
Hi: 64° Lo: 38°
Feels Like: 50°
Delphi
Clear
53° wxIcon
Hi: 67° Lo: 38°
Feels Like: 53°
Monticello
Clear
53° wxIcon
Hi: 66° Lo: 38°
Feels Like: 53°
Logansport
Clear
54° wxIcon
Hi: 64° Lo: 36°
Feels Like: 54°
Below normal temperatures & patches of frost in the north & northeast.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 108646

Reported Deaths: 3478
CountyConfirmedDeaths
Marion20341757
Lake10013312
Elkhart6198106
St. Joseph586796
Allen5785198
Hamilton4600109
Vanderburgh318126
Hendricks2607120
Monroe224336
Johnson2241122
Tippecanoe211313
Clark205056
Porter197843
Cass19209
Delaware180159
Vigo169621
Madison153075
LaPorte134837
Floyd127961
Howard125163
Kosciusko116717
Bartholomew113257
Warrick104134
Marshall97423
Boone93846
Dubois92118
Hancock89242
Noble86432
Grant85132
Henry73424
Jackson7259
Wayne72214
Morgan68038
Shelby65529
LaGrange62811
Daviess61627
Dearborn61428
Clinton59111
Harrison54824
Putnam5098
Lawrence49928
Montgomery49421
White47114
Knox4659
Decatur44739
Gibson4344
DeKalb42511
Miami4202
Greene40935
Fayette40413
Jasper3732
Scott34410
Steuben3447
Sullivan32612
Jennings30512
Franklin29225
Posey2900
Clay2855
Orange27924
Ripley2768
Carroll26713
Wabash2547
Washington2491
Whitley2456
Wells2422
Starke2387
Jefferson2363
Adams2303
Fulton2292
Tipton21522
Huntington2073
Randolph2047
Perry20014
Spencer1984
Jay1640
Newton16411
Owen1621
Martin1560
Rush1484
Pike1331
Vermillion1210
Fountain1152
Pulaski1121
Blackford1072
Crawford980
Brown933
Parke902
Benton880
Union760
Ohio757
Switzerland660
Warren381
Unassigned0225

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events