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[video] Quick Take: Lame Duck Bernanke Presides at Final Meeting

NEW YORK (TheStreet) -- This will be the last Federal Open Market Committee meeting for Federal Reserve Chairman Ben Bernanke, before Janet Yellen assumes the role as the new Fed leader. TheStreet's Joe Deaux is with Ronald Filler, professor at New York Law School, to discuss the transition. 

Filler said that the monetary policy Yellen works with will be the same one that Bernanke has masterfully implemented over the past several years. 

Filler did say, however, that he is unsure how Yellen would handle the tapering of the current asset purchasing plan. In December, the Fed announced it would reduce its bond purchases to $75 billion per month from $85 billion per month. 

"It will be interesting" to see how she handles the stimulus plan in the coming months and years, Filler said. It's also unknown whether Bernanke will use tomorrow's announcement to further reduce the tapering amount.  

Yellen will be the first female to run the organization, something that's good for both the country and the Fed, Filler concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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