It was Yellen. Then Summers. Then Yellen. The race has been run and guess what? The Keynesians win!
Of course the Keynesians always “win” when it comes to the Fed chair. After all one can’t be Pope if one isn’t Catholic.
Congratulations to Ms. Yellen.
Ben it’s time to land the helicopter and hand the yoke over. It’s Ms. Yellen’s turn to drop $100 bills. (On Wall Street.)
“Markets are giving Yellen the thumbs up, counting on quantitative easing being maintained at full pace until further notice,” Sean Callow, senior currency strategist at Westpac in Sydney, told Reuters after the announcement. “It’s a notable reaction given Yellen’s nomination was so widely expected and that it comes at a time markets are already assuming the Federal Open Market Committee will not seriously consider a policy change at the October meeting given the fiscal standoff.”