Yellen: Snub For Second Term As Fed Chair Is Disappointing

WASHINGTON - Janet Yellen said she was disappointed that President Donald Trump didn't offer her a second term as Federal Reserve chair, but supports her central bank successor, Jerome Powell, who takes over today.

Powell, a Fed board member since 2012, is "thoughtful, balanced, dedicated to public service. I've found him to be a very thoughtful policymaker," Yellen said in an interview with CBS' "Sunday Morning."

She also said the stock market - the Dow Jones industrial average closed at 25,520 Friday after a 665-point drop - was "high," and that the financial system was in stronger shape to handle a sharp sell-off than it was during the 2008 financial crisis. She cited changes put in place since that time; Trump has been critical of that effort.

"The financial system is much better capitalized. The banking system is more resilient," Yellen said. "Our overall judgment is that, if there were to be a decline in asset valuations, it would not damage unduly the core of our financial system."

Yellen, appointed by President Barack Obama, was the first woman to lead the Fed. Her four-year term ended Friday. She is joining the Brookings Institution think tank.