The Dove Queen

Janet Yellen is official according to the New York Times…

WASHINGTON — President Obama will nominate Janet L. Yellen as chairwoman of the Federal Reserve on Wednesday, White House officials said Tuesday night, ending an unusually prolonged and public search to fill one of the most important economic policy-making jobs in the world.

Ms. Yellen, 67, has been the Fed’s vice chairwoman since 2010, when Mr. Obama nominated her to the post and she was easily confirmed on a voice vote by the Senate. She would be the first woman to run the central bank.

She is also expected to win bipartisan support for her new role in the Democratic-controlled Senate, said Senator Charles E. Schumer of New York. But some Republicans could throw up hurdles. Senator Bob Corker of Tennessee voted against her appointment as vice chairman because of what he called “her dovish views on monetary policy,” and he was already expressing reservations on Tuesday night about her nomination for the top job.

We kind of knew when Larry Summers dropped out and when the FOMC decided against taking any tapering action at the last rate meeting.

It’s her show now. Given the fiscal debate and the last few unemployment disappointments, we can safely assume Janet has absolutely no intention of even clearing her throat until the March meeting.

How does that impact your view on the three things that sold off the hardest on taper talk – Emerging Market stocks and bonds, US homebuilder stocks and gold?


Obama to Pick Yellen as Leader of Fed, Officials Say (NYT)