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Yellen leaving Fed Saturday, Powell to be sworn in Monday

Janet Yellen’s unchangeable days as head of the Federal Reserve are at hand.

The Federal Open Supermarket Committee, which sets monetary policy for the U.S. central bank, definite this week to select Jerome Powell as its new chairman effective Saturday. He on be officially sworn in Monday.

The move was a formality considering that Powell already has been strengthened by the Senate as the new Fed chair, but it does delineate how the handoff of power will take place.

Yellen has led the Fed since February 2014, but President Donald Trump pick out not to reappoint her. She becomes the shortest-serving Fed chair since the late 1970s.

After Trump made his lite of Powell public, Yellen said she would not stay on the FOMC.

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