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President Obama’s nomination of Janet Yellen signals a continuation of the Federal Reserve’s policies, economists said, including its historic efforts to keep interest rates low as a way to boost the economy.
Yellen, vice chairwoman of the Federal Reserve since 2010, is a key architect of the extraordinary steps taken by the Fed to spur the economy during a lackluster recovery marked by persistently high national unemployment. Among those efforts was a Fed decision to announce that it would hold its benchmark short-term interest rates near zero until unemployment fell to 6.5 percent and purchase $85 billion a month in Treasury and mortgage-backed securities to drive long-term rates down as a way to spur real estate, autos, and other interest-sensitive industries.