Janet Yellen warns of inequality threat

Janet L Yellen, the Federal Reserve chairwoman, used her bully pulpit on Friday to sound the alarm about rising economic inequality.

Yellen did not mention recent market turmoil or monetary policy during her 30-minute speech. Instead, she painted a bleak picture of the increasingly unequal distribution of wealth and income, warning that Americans already have relatively little chance to advance economically, and that the problem may be worsening.

"I think it is appropriate to ask whether this trend is compatible with values rooted in our nation’s history, among them the high value Americans have traditionally placed on equality of opportunity," she […]