Outgoing chief: In this file photo, Yellen gets up from her seat at the conclusion of a news conference following the Federal Open Market Committee meeting in Washington. Yellen will step down when her term as Fed chairman expires on Feb 3 and be succeeded by Powell. — AP
ATLANTA: As Janet Yellen prepares to hand over the leadership of the Federal Reserve to Jerome Powell, the central bank is gripped by the same issue that’s marked her four-year term as chairman: puzzlingly low inflation.
The rate-setting Federal Open Market Committee (FMOC) is likely to maintain the range of its benchmark lending rate at 1.25% to 1.5% at the conclusion of a two-day meeting in Washington Wednesday. It releases a statement at 2 pm and no press conference is scheduled to follow.
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