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Janet Yellen Can't Say It, but the Republican Win Was Bad for Her

Yellen
YellenPhotograph by Ian Waldie/Bloomberg

Janet Yellen doesn’t discuss politics. The Federal Reserve is strictly neutral on elections. But it’s hard to avoid the conclusion that last night’s midterm elections did not make her happy.

The biggest negative for Yellen is that Republican control of the Senate makes it likely that Richard Shelby of Alabama will become chairman of the Senate Banking Committee, which oversees the Fed.