"On February 3rd, Janet Yellen concluded her four-year tenure as Chairwoman of the Federal Reserve. On the eve of her handing over the reins to newly confirmed Chairman Jerome Powell, Vice News Tonight ran a segment lauding Yellen as “one of the most effective” Fed chairs in history. The story featured an oft-cited quote by the Mercatus Center’s Scott Sumner praising Yellen’s performance: “Yellen is on a glide path to near perfection.”
Yellen’s success is hard to dispute using the Fed’s own criteria: its dual mandate. The Fed’s dual mandate gives it two main policy objectives: maintaining full employment and achieving low and stable rates of inflation. In her four years at the helm, unemployment fell from 6.7 percent to 4.1 percent — slightly lower than most estimates of full employment. Inflation consistently hovered just below the Fed’s 2 percent target. With these results, it is no surprise that President Trump’s decision not to reappoint Yellen has been met by many Beltway pundits as a “tragedy.”
Yellen has certainly accomplished hitting the Fed’s goals during her brief tenure. But that doesn’t necessarily mean that her tenure will be or should be considered a success."
https://fee.org/articles/yellens-grade-as-fed-chair-should-be-incomplete/
Yellen’s success is hard to dispute using the Fed’s own criteria: its dual mandate. The Fed’s dual mandate gives it two main policy objectives: maintaining full employment and achieving low and stable rates of inflation. In her four years at the helm, unemployment fell from 6.7 percent to 4.1 percent — slightly lower than most estimates of full employment. Inflation consistently hovered just below the Fed’s 2 percent target. With these results, it is no surprise that President Trump’s decision not to reappoint Yellen has been met by many Beltway pundits as a “tragedy.”
Yellen has certainly accomplished hitting the Fed’s goals during her brief tenure. But that doesn’t necessarily mean that her tenure will be or should be considered a success."
https://fee.org/articles/yellens-grade-as-fed-chair-should-be-incomplete/