Yellen disappointed not to get a second term as Fed chair

Janet Yellen says she was disappointed that President Donald Trump didn't offer her a second term as Federal Reserve chair.

But she says she supports her successor at the central bank, Jerome Powell, and calls him "a very thoughtful policymaker."

Yellen tells CBS' "Sunday Morning" that the stock market, despite the Dow's 665-point drop Friday, is high, and that the financial system is in better shape to handle a sharp sell-off than it was during the 2008 financial crisis.

Yellen was the first woman to lead the Fed. Her four-year term ended Friday.

Powell, a Fed board member, takes over tomorrow.
 

It had been the tradition over the past four decades for the president to renominate the Fed leader for a second term.