FIRST AIRED: January 31, 2018

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Transcript

00:00:00
>> As we take another step->> A quiet end to a very eventful four-year term for Federal Reserve chair Janet Yellen. The Fed's latest two day policy meeting, Yellen's last, wrapped up Wednesday without a splashy press conference or surprise interest rate hike. But as the Fed's first female leader passes the reins to her successor, Yellen leaves a formidable footprint.
00:00:23
Reuters Fed correspondent, Ann Sophia.>> It's been 4 years where the economy has added 10 million jobs, the unemployment rate has fallen to a 17 year low, 4.1%. So all in all, it's been pretty good. Economic growth has been fairly strong.>> Yellen effectively wound down a vast post recession bond buying program and steered a slow rise in interest rates, all without derailing the economy as many feared.
00:00:51
>> Yellen was able to raise rates very gradually, and the economy is still growing. This is a huge accomplishment. In the past, the Fed sometimes causes recessions by raising rates, Yellen did not.>> Yet President Trump declined to keep her in place. Making Yellen the first Fed chair in modern history to serve a four year term without being appointed to a second.
00:01:15
Jerome Powell, a Fed member since 2012, will take over for Yellen in what could prove to be a tricky time for the Fed as the effects of President Trump's huge cooperate tax cuts are digested in an economy already humming along. Prompting some to fear that it could overheat.