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What Will Define Yellen's Fed Term?
Forbes: Federal Reserve Chairs, as closely watched as they are, tend to gain a reputation during their tenures. Arthur Burns (1970-1978) was known for a lack of independence, keeping interest rates low under political pressure by his own admission, even as inflation soared. Paul Volcker (1979-1987) famously broke the back of runaway inflation, sparking two recessions in the process. The cryptic and autocratic Alan Greenspan (1987-2006) presided over the Great Moderation and advocated for deregulation, but perhaps should have been more aggressive in raising interest rates ahead of the housing bust.
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