After being nominated to become Fed vice-chair today by President Obama, Janet Yellen says she is committed both pursuing both maximum employment and price stability (the Fed’s twin mandates).
The knock on Yellen has traditionally been that she is a dove on inflation. Since she is replacing the dovish Don Kohn, there is no shift in balance at the top of the Fed food chain.
Obama nominated two others to fill open seats on the board of governors.
