Janet Yellen completed her first day of testimony on Capitol Hill as Chair of the Federal Reserve. While the event was historic, it was remarkable mainly for how unremarkable the actual testimony was. There is a great deal of continuity in the Fed from Bernanke to Yellen, who both have very similar approaches to both policy and communication.
What was left unsaid was probably more important, however. We live in a time with a very active Fed which is taking a bigger role in the economy than any central bank in US history. But congress appears to be very comfortable with that role and very willing to let Yellen do what she does best – place a firm hand on the tiller and guide the economy as close to full speed ahead as it can chug along.