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13 Sep 2013
Rumors of Summers's nomination for Fed chair stir markets
FXstreet.com (Barcelona) - Rumors that US President Barack Obama is set to name economist Lawrence Summers as next chairman of the Federal Reserve in two weeks time, have intensified, after an unsourced Nikkei report also pointed to that possibility today.
The news worried supporters of the other front runner to replace Fed Chairman Ben Bernanke, Janet Yellen, currently holding the position of Vice Chairwoman of the Board of Governors of the Federal Reserve. Many prominent economists as well as women's rights activists have been calling for her nomination. She is a firm advocate of the aggressive moves to boost growth and employment taken under Bernanke.
Former White House Economic Adviser and current director of the National Economic Council Lawrence Summers would most probably be in favor of a quicker QE taper than Janet Yellen. He is also notorious for his controversial statements on women's weaker abilities as scientists.
Fed Chairman Ben Bernanke's is to step down next year on January 31.
The news worried supporters of the other front runner to replace Fed Chairman Ben Bernanke, Janet Yellen, currently holding the position of Vice Chairwoman of the Board of Governors of the Federal Reserve. Many prominent economists as well as women's rights activists have been calling for her nomination. She is a firm advocate of the aggressive moves to boost growth and employment taken under Bernanke.
Former White House Economic Adviser and current director of the National Economic Council Lawrence Summers would most probably be in favor of a quicker QE taper than Janet Yellen. He is also notorious for his controversial statements on women's weaker abilities as scientists.
Fed Chairman Ben Bernanke's is to step down next year on January 31.