by Renee Marinez
Recently, Walden Wealth Partners was fortunate to hear Janet L. Yellen, PH.D. speak at the City Club in Cleveland.
Yellen is an extremely influential self-made visionary. Her career has taken her on many different political and economic expeditions. She is the first woman to serve as the head of the Federal Reserve and the world’s first woman to lead a major central bank. Her intelligence and dedication to her practice is inspiring. She earned her spot as chairwoman not only through her intellect and hard work but by showing a genuine concern for the welfare of others. She connects economic theory to everyday life, and gives American families someone to believe in.
She had prepared remarks and also took questions from the floor. The topics of her discussion included plans of action that will be taken by the Federal Reserve, her predictions on the gradual increase of interest rates this year, the slow gains in the labor market, and the production level of manufacturing in the United States. She maintained her diplomatic nature and did not go into detail about her thoughts on China’s economy or Greece’s uncertain financial standing.
Yellen had a positive outlook on the current status of the U.S. economy, and believed that it will continue to prosper throughout the end of this year. She stated that the inflation targets have stayed below the Fed’s goal of two percent. Low inflation is primarily a result of low crude oil prices. These low prices have also decreased investment in the energy sector, making an impact on Northeast Ohio’s natural gas industry. She discussed the strength of the dollar, noting that foreign goods are cheaper and this could also put downward pressure on inflation. Yellen emphasized the fact that U.S. unemployment is dropping, although she reduced false hope of a fully-recovered economy by later stating that we are still far off from a full-employment economy. Her comments were cautious as to not create a disruption in the representation of the current economic condition.
Near the end of her commentary she made what we at Walden considered an empowering remark. She said that it is a good time to be a woman in finance. We couldn’t agree more!