Janet Yellen, president and CEO of the Federal Reserve Bank of San Francisco, says the recession has put significant "downward pressure" on wages and consumer prices. For this reason, she is not worried about inflation. Rather, she sees deflation as an ongoing concern. But, she says, a vigilant Fed can keep deflation from becoming a major problem. Here she is speaking at the Commonwealth Club:
You can watch Yellen's full address, in which she discusses the economic crisis and the Fed's response, here.
Posted
07-20-2009 9:42 AM
by
Graham Griffith