The most revealing thing about Janet Yellen’s widely praised Senate confirmation hearing performance last week might not have been what she said, but what she didn’t say – and how she didn’t say it.
President Barack Obama’s nominee to be the next chair of the Federal Reserve smiled and nodded her way through a two-hour hearing on Thursday without giving the Senate Banking Committee any real clues as to how she views near-term monetary policy choices.
She made plain that she thought it important to maintain aggressive efforts to spur U.S. economic growth and hiring. But her comments went no further than last month’s statement from the Fed’s policy-setting committee.
Senators asked her how long the central bank could keep buying bonds, and seemed satisfied with her mild observation that purchases could not go on forever. She provided no clues to whether she leans toward reducing them next month, or next year.
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