Obama Opts for Stability with Choice of Yellen for Top Fed Post (Reuters)
U.S. President Barack Obama is expected to nominate Fed Vice Chairman Janet Yellen today to become the world’s most influential central bank’s next chairman to place Ben Bernanke, providing a bit of relief to investors who expect her to tread carefully in winding down economic stimulus. The nomination positions Yellen to be the first woman to lead the Fed in its 100-year history. An advocate for aggressive action to spur U.S. economic growth through low interest rates and large-scale bond purchases she is expected to take office when the current chairman’s second term expires on Jan. 31. If confirmed by the U.S. Senate as expected, she would provide continuity with the policies the Fed has established under Bernanke. Analysts say she would move cautiously in reining in policies underway to shore up the world’s largest economy.