Fed Vice Chairman Janet Yellen

Fed Vice Chairman Janet Yellen

Matthew Staver/Bloomberg

Janet Yellen, vice chairman of the U.S. Federal Reserve, “is a devout believer in defending the medium-term inflation target, but she believes in defending it from below, as well as from above, meaning that too much slack in the labor market could eventually drive inflation too far below 2 percent,” said Laurence Meyer, a Fed governor from 1996 to 2002.