It was Yellen’s first day on the job after the swearing-in ceremony on Tuesday.
Yellen highlighted the coordination between the Fed and Treasury during the global financial crisis (Yellen was at the Federal Reserve):
- “I remember participating in a countless string of late-night conference calls and admiring the dedication and creativity of Treasury’s experts. Your work helped save the economy from its worst crisis since the Depression,” Yellen said.
- “Now,” she said, “we need to do it again.”
Dream team? It does appear that closer co-ordination is to come, along with a less chaotic administration – laying the groundwork for a dialling back of Fed accommodation, though that is not imminent.