After President-elect Donald Trump won the election on Nov, 8, experts speculated over whether Federal Reserve Chair Janet Yellen would resign from her position immediately, as Securities and Exchange Commission Chair Mary Jo White did earlier this week.
Back in April, HousingWire ran the headline, “Trump: If I win, Yellen's days at the Fed will be numbered,” as the now President-elect told Fortune that he would be “more inclined to put other people in” as Fed Chair, as opposed to reappointing Yellen when her term ends in January 2018.
But after Trump's election, one of his advisors said that announced that Trump does not expect Yellen to resign before her term ends.
Yellen ended that suspicion on Thursday in her testimony before the Joint Congressional Economic Committee, according to an article by Jeff Cox of CNBC.
The committee asked Yellen if she planned to step down before the end of her term.
From the article:
"No I cannot," she said when asked by Rep. Carolyn Maloney if there were circumstances under which she might leave before her term expires. "I was confirmed by the Senate to a four-year term, which ends at the end of January of 2018, and it is fully my intention to serve out that term."
If Trump removes her from the chair, she could still stay on as a governor until her 14-year term expires in 2024.
In that same speech, Yellen talked about the possibility of raising interest rates. Barring any major change, the probability looks high for a rate hike in December.