US Fed Head Vote Expected Today

The Democratic-led U.S. Senate is expected to wrap up its work for the year on Friday by moving to clear President Barack Obama’s nomination of Janet Yellen to head the Federal Reserve.

But under a bipartisan agreement reached on Thursday, the Senate will not vote to confirm Yellen, now the Fed’s vice chair, until January 6, the day it returns for the new year. She would replace Ben Bernanke, whose term ends in late January.

The Senate is to vote at about mid-day on Friday on whether to bring debate on Yellen to a close. To prevail on this test vote and advance the nomination, Obama’s Democrats, who hold the Senate, 55-45, need a simple majority and seem certain to get it.

Friday’s vote on Yellen is expected to be the final Senate vote of the year.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza