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.
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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