Janet Yellen Central Quotations

We all remember the bad old days of the 1970s ... It is stamped on the mind of central bankers,

A crucial responsibility of any central bank is to control inflation, the average rate of increase in the prices of a broad group of goods and services.

The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.

The principle that a central bank, charged with controlling inflation, should be independent from the government is unassailable. It may also be true that it's easier for the central bank to guard its independence from political pressure when it mainly holds government securities.