President Barack Obama on Wednesday nominated Janet Yellen to succeed Ben Bernanke as chairwoman of the Federal Reserve, elevating a woman to the top post for the first time in the central bank’s 100-year history. In a brief statement, Obama urged the Senate to act swiftly to confirm her “given the urgent economic challenges facing our nation.” Yellen, 67, is currently vice chair of the U.S. central bank. She said that “more needs to be done to strengthen the recovery,” even though progress has been made. Too many Americans still cannot find a job and worry how they will pay their bills and provide for their families,”

Yellen said. The Fed can help by ensuring that everyone has the opportunity to work hard and build a better life, she added. At the same time, the central bank must make sure that inflation remains “in check,” The Fed’s other task is to safeguard the health of the financial system, according to Yellen. She said the Fed’s greatest strength was its approach to important problems with expertise and objectivity. Obama called Yellen “tough” and joked that it was not just because she was born in Brooklyn. “She has a keen understanding about how markets and the economy, not just in theory, but also in the real world,” Obama said. The president said that Yellen told him she understands the human costs of a high unemployment rate. “America’s workers and their families will have a champion in Janet Yellen,” Obama said.

Sincerely, Philip Magnoli – My friends call me Don Filippo- The FX Specialist. 416-362-1300  Happy Thanksgiving!

Ref- Market Watch the Wall Street Journal