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Yellen and her fellow policy makers said this week that they expect inflation to rise this year and to hit their target "over the medium term".

Wells Fargo says Federal Reserve sanctions on the bank after a fake accounts scandal and other problems could reduce the embattled bank's profits by as much as $400 million this year.

The bank said the asset cap will remain in effect at least until the strengthened oversight plans and the findings of the outside review win Fed approval.

"I would have liked to serve an additional term and I did make that clear" when she interviewed with Trump, Yellen said in an interview broadcast by PBS.

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 on Monday.

Wells Fargo became engulfed in scandal in 2016 after admitting its employees had opened 3.5 million phony deposit accounts and lines of credit without the knowledge of its clients as part of high-pressure retail sales tactics the bank touted to investors but has since repudiated. "The banking system is more resilient".

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In addition to the growth restriction, the Board's consent cease and desist order with Wells Fargo requires the firm to improve its governance and risk management processes, including strengthening the effectiveness of oversight by its board of directors.

Since then, the bank has also admitted to other questionable practices, including charging car-loan customers for insurance they did not need and charging improper fees to some mortgage borrowers.

Yellen has not only led the Fed - the first woman to do so - but has also picked up a few other things there, like her husband, Nobel Prize victor George Akerlof. Wells had previously said it would add new directors this year, with three expected to retire before its April shareholder meeting. Four members of the company's board are to be replaced by the end of the year, expanding an overhaul of the panel, the Fed said Friday. Nine current board members including Chairman Betsy Duke were on the panel before the scandals began erupting.

Wells Fargo has 60 days to give the Fed the bank's plans to improve oversight and governance, as well as enhance risk management.

Indeed, even after changes the bank made in the previous 17 months, Fed authorities "accept there is more work to be done, and we concur", Chief Executive Officer Timothy Sloan told experts on a phone call Friday night.


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