"Janet Yellen and the Fed’s Boom-and-Bust Problem"

The Senate Banking Committee voted 14–8 on Thursday to send Janet Yellen’s nomination for Federal Reserve chair to the full Senate, putting Yellen much closer to becoming the leader of the most powerful central bank in the world.
Last week, Yellen was asked at her confirmation hearing if the Fed’s unprecedented run of accommodative monetary policies—an interest rate for banks close to zero per cent, and a monthly purchase of eighty-five billion dollars’ worth of mortgage bonds and Treasury securities—might be leading to a bubble in asset prices.
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