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.
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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.