NEW YORK (TheStreet) -- Dealmakers are anxiously watching for signals as to what the presumptive head of the Federal Reserve, Janet Yellen, might do if and when she is confirmed. James Rickards, managing director at Tangent Capital Partners had some answers at The Deal Economy 2014.

Rickards said he doesn't foresee that Yellen will pull back on asset buys in the way that the markets expect. Yellen, he said, will have a difficult challenge figuring out a different approach than the bond buying the central bank has heretofore been engaged in.

Rickards suggested she might look to reverse repos, but "she's not going to walk in the door and say, first day, 'put an end to quantitative easing'--as a leader of the Fed, she's going to figure out a different way."

Stephen Roach, senior fellow at Yale School of Management Jackson Institute for Global Affairs, argues that the Fed is fighting a losing battle by trying to use liquidity to address fundamental problems in the U.S. economy. 

"I would remind Yellen that policy makers, whether it's the Fed or the fiscal authorities weren't put on this planet to conduct policy aimed at boosting markets," he said. "What we need are policy makers who are able to look through feedback, both negative and positive from the markets, and we're not getting it."

--By Paul Schaap in New York