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Yellen Defends Fed’s Low-Rate Policy in Response to Ralph Nader
The Wall Street Journal (online registration required): Federal Reserve Chairwoman Janet Yellen wrote to consumer advocate Ralph Nader on Monday that low returns on savings are “fundamentally” caused by “the continuing aftermath of the financial crisis and the severe recession that followed it” rather than Fed monetary policy.
In response to a letter from Mr. Nader, Ms. Yellen defended the Fed’s policy of holding rates at near-zero levels since 2008, saying that helped spur the economy. In particular, she wrote, lower rates propped up house and stock prices and prompted consumers and businesses to invest and create jobs.
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