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President, Fed Chair to Meet One-On-One To Discuss Economy

Federal Reserve President Barack ObamaPresident Barack Obama and Federal Reserve chair Janet Yellen are scheduled to meet one-on-one on Monday, November 3, according to a White House official.

The subject of the meeting will be the long term outlook for the American economy and the global recovery, according to the White House. Officials said the meeting will be a "continuation of that important dialog on the state of the economy, financial reform, and other economic issues."

The meeting between Obama and Yellen is scheduled for one day before the mid-term election, and it comes just a few days after the end of the Fed's massive QE3 asset purchase program, which began in September 2012 under Yellen's predecessor, Ben Bernanke, as a way to stimulate the economy. In two years, the QE3 program added $1.66 trillion to the balance sheet of the central bank.

Indicators show that the economy seems to be on the upswing. Earlier this week, the government announced that the nation's gross domestic product (GDP) increased at an annualized rate of 3.5 percent in the third quarter after experiencing an increase of 4.6 in the second quarter, the GDP's best performance in back-to-back quarters in 11 years. Also, in September, the nation's unemployment rate dipped below 6 percent for the first time in six years.

Obama previously had one-on-one meetings with Bernanke, but Yellen has not met one-on-one with the President since her Senate confirmation in January.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
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