US Economists Urge Obama To Pick Yellen For Fed

Similar to the iPhone5s announcement where everybody knew beforehand what was going to be announced the White House decision on the next Federal Reserve Chief seems to be a known secret. The Obama camp heavily favours Larry Summers. That hasn’t stopped renowned economists to rally behind Janet Yellen and issue their support.

More than 300 economists have signed a letter urging President Obama to nominate Janet Yellen as the next Federal Reserve chair.
“Dr. Yellen is superbly qualified,” the letter says.

“In our opinion, she is the best possible leader for the Federal Reserve Board at this critical time in our nation’s history.”
The long list leads with prominent names including Nobel laureate Joseph Stiglitz, and former Fed officials Alan Blinder and Alice Rivlin, who both once sat in Yellen’s current role as vice-chair of the central bank.

via CNN

It will be interesting to see where Obama lands on this choice. There is little on the way of surprise expected on his final decision, but as long as there is room for speculation Yellen will have a shot, albeit a long one.

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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