Federal Reserve Board Chair Janet Yellen will resign as a member of the Fed’s Board of Governors when Jerome Powell is sworn in as chair, the Fed announced Monday.
Yellen’s departure means there will be four openings on the Fed’s seven-member Board.
Yellen said in her resignation letter it was “a great privilege and honor” to serve in the Fed system for three decades and expressed faith in Jerome Powell’s commitment to the Fed’s mission.
The market has seen a trend of "happy endings to each week, disappointing Mondays," according to James Pruskowski, managing director at Hennion & Walsh.
"We're going to have some weak days, we're going to have some stronger days, maybe they wash out against each other," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
They are seeking legislation on transportation, water and other topics.
A major multiple-amended housing bill that is expected to expand the use of private activity bonds passes the House and bounces back to the Senate, but obstacles remain over provisions regulating institutional investors.
The former Massachusetts congressman "was a true champion for the municipal bond market," GFOA's Emily Brock said.
The Trump administration took over the Penn Station renovation a year ago, accusing the MTA of mismanagement.
