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Yellen Is Obama’s Choice as Fed Chief

Wall Street Journal (10/09/13) Jon Hilsenrath; Peter Nicholas; Kristina Peterson

President Obama will nominate the U.S. Federal Reserve’s second in command, Janet Yellen, to run the central bank. Yellen’s nomination, which the White House said will be announced today, will be subject to Senate confirmation, which may be delayed due to the federal government shutdown. Her nomination means that the Fed is unlikely to make any big moves in monetary policy over the near term.