Economics
Yellen Urged Colleagues in 2014 to Beware Commenting on Dollar
- Remarks contained in transcript of 2014 FOMC meetings
- Former Fed chair took the central bank’s helm that year
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Then-Federal Reserve Chair Janet Yellen opened the U.S. central bank’s October 2014 policy meeting with an unusual warning to Fed officials: Be careful what you say in public, especially when it comes to the U.S. dollar.
“By longstanding agreement, the Treasury speaks for the U.S. government on international economic policy and the dollar,” Yellen told the Federal Open Market Committee, according to a transcript of the meeting published Friday. “It is important to respect this division of labor by carefully limiting our remarks about exchange rates.”