Key official designates President-elect Joe Biden as the apparent winner
Yellen is seen returning clarity on the U.S. strong-dollar policy, stabilizing the $6.6-trillion-a-day currency market that's the backbone of global finance and commerce
Yellen, who is widely admired in the financial world, would be the first woman to lead the Treasury Department in a line stretching back to Alexander Hamilton in 1789
Most of the discontent with capitalism in the US stems from inequality and the stagnation of wages, which dates back to the 1980s and can be traced broadly to automation and globalization, Yellen said
Yellen's term as Fed chair will expire on February 3
Stock indexes, bond yields and the dollar were all higher in initial trading
Yellen said she would "do my utmost" to make sure of a smooth transition to Jerome Powell, who was tapped by Trump on November 2 to become the next Fed leader
Yellen and her predecessor Ben Bernanke were heavily criticised by Republicans in Congress for bloating the Fed's balance sheet with $3.5 trillion in Treasuries and mortgage-backed securities
The US central bank voted to hold interest rates steady at its last policy meeting in September
US central bank voted to hold interest rates steady at its last policy meeting in September
The Fed has sharpened its focus on financial stability since the crisis
She said any future changes should remain 'modest'
However, she said that a number of US trading partners continue to confront economic challenges
Yellen said the economy is healthy enough to absorb further gradual rate increases
According to Yellen's testimony economy is currently on an even keel, near or beyond full employment
The S&P 500 and Nasdaq posted their sixth consecutive week of gains this week
The Fed has forecast three rate increases this year on the back of the low unemployment rate & rising inflation
She flagged considerable uncertainty over economic policy under the Trump administration
Fed last month raised its short-term interest-rate target for only the second time in a decade
Economy "is doing quite well" but "there are quite serious problems" in the long term, she said