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.
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.