When then-President-Elect Joe Biden nominated Janet Yellen to be his Treasury secretary last month, the markets rejoiced. The former Federal Reserve chair was a known quantity, and investors hate uncertainty \u2013 they knew what they were getting. Even better, they liked what they were getting\u2014a monetary dove who favors low-interest rates and supports an interventionist government and Fed. While she wouldn't be on the Fed in her new role, she still holds the same views.<\/p>\n
Moreover, since she is Jerome Powell's immediate predecessor, and they both worked together on the Fed for several years, it was pretty much a given that the two will work closely and harmoniously together for the good of the country, as the times demand. <\/p>\n
But the markets were also relieved that Biden did not bow to the so-called progressives on the extreme left of his party and pick someone more to their liking, instead choosing someone with safe, relatively moderate views that both parties could support \u2013 as indeed they did, by an 84-15 Senate vote. In other words, Biden wanted \u2013 and the markets demanded \u2013 an adult in the room, and that's what they got with Yellen.<\/p>\n
Or did they? After some of her most recent comments, you have to wonder. While Biden may not have given in to his left to pick a more extreme nominee, Yellen seems to be paying tribute to them.<\/p>\n
In 2014, Colorado became the first U.S. state to legalize recreational cannabis. Since then, sales have boomed, hitting a new all-time high of $2 billion in 2020.<\/p>\n
See how to invest in this powerful trend with a secret cannabis stock that is one of the most undervalued in the industry.<\/p>\n