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.