Yellen will resign from Fed upon Powell swearing in

Janet Yellen the Fed chairwoman said on Tuesday that inflation would rebound but she was “very uncertain” about this and it was being monitored closely

Yellen served as vice chair of the board of governors from 2010 to 2014 before becoming chair.

The readout from the October 31-Nov. "Many participants thought that another increase in the target range for the federal funds rate was likely to be warranted in the near term". But "a few" officials remained anxious that inflation has failed to accelerate toward the Fed's 2 percent goal as expected.

The Fed now targets a range of 1 per cent to 1.25 per cent for its benchmark overnight rate. Ashworth said the minutes did show that Fed officials are still struggling to solve the mystery of why wage growth and underlying price inflation have remained so low with an unemployment falling so low.

Some of the members who vote on policy, however, expressed concern over the inflation outlook, according to the minutes.

"Moving monetary policy too slowly. has risks", Yellen said, particularly if unemployment, already at 4.1 percent, the lowest in almost 17 years, begins to fall even more quickly. She said officials still believe this is being caused by temporary factors such as a price war among cellphone companies but that the Fed needs to monitor inflation carefully.

A couple of policymakers were concerned enough about persistently weak price gains that they suggested the Fed consider a new framework in which it committed to allowing higher inflation to make up for periods of low price rises.

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The weakness of price pressures amid record low unemployment and steady job creation has baffled economists.

Federal Reserve Chair Janet Yellen said Tuesday that the biggest challenge facing the central bank in coming years will be to craft an interest rate policy that avoids putting the economy through a "boom-bust" cycle.

Yellen will likely expand further on her views when she testifies next Wednesday on the economy before the congressional Joint Economic Committee.

The minutes did not reveal any discussion among Fed officials at the last meeting over impending leadership changes at the central bank.

Federal Reserve chair Janet Yellen, the first woman to lead the U.S. central bank, says she will step down from its board of governors once her successor is sworn into office, resolving a key question as to whether she would stay on in a diminished role. Her term as Chair expires on February 3, 2018. Until Monday Ms. Yellen did not speak about whether or not she will opt to stay as a board member if she does not get another term as Fed's chair.

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