WASHINGTON (AP) — Nearly four years into Janet Yellen's history-making turn as the first woman to lead the Fed, the economy is growing, the unemployment rate is low and the stock market is setting record highs.
But President Donald Trump is not offering Yellen a second term, making her the first Fed chair in nearly 40 years not to be asked back. And some are questioning why the president moved aside the glass-ceiling-shattering economist.
Trump announced Thursday that that he would replace Yellen at the end of her four-year term in early February. He is nominating Republican board member Jerome "Jay" Powell to take over the powerful job.
The past three chairs of the Fed have all served two or more terms, winning approval of presidents from both parties.