US Federal Reserve chair Janet Yellen does not expect there to be another financial crisis 'in our lifetime'

Lucy White
Federal Reserve Chair Janet Yellen Holds News Conference
Yellen expressed support for banking reforms since the crisis (Source: Getty)

The chair of the US Federal Reserve, Janet Yellen, said yesterday evening that she did not expect another financial crisis “in our lifetime”.

Speaking at London’s British Academy, an academic institute for the humanities and social sciences, Yellen said that the reforms of the banking system since the 2007 to 2009 crash had minimised the risk of a similar disaster happening again.

“Would I say there will never, ever be another financial crisis?” she said at the question-and-answer event.

“Probably that would be going too far, but I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will be.”

While Yellen expressed favour for the banking reforms, saying it would “not be a good thing” if they were unwound, US President Donald Trump promised further deregulation of the industry as a key part of his campaign.

When asked about her relationship with the President, Yellen declined to comment but added that she had “continued the tradition” of having a good working relationship with the Treasury Secretary Steve Mnuchin.

Read more: US Federal Reserve announces interest rate rise and reveals plans to sell down bond holdings

Yellen spoke little about monetary policy, but reiterated her view that the Fed would raise interest rates slowly.