Janet Yellen’s Patience Pays Off

Janet Yellen’s chances of ascending to the top Federal Reserve job were dimming by the week.  After President Barack Obama in June signaled the search for the next Fed chairman had begun, his economic team lined up behind Lawrence Summers, an adviser from the first term who managed the administration’s response to the financial crisis.

By August, former Obama aides were preparing for a Summers confirmation push, as informal word spread from Washington to Wall Street that he was the president’s top choice.

Yellen told friends that the White House appeared to be behind Summers. It wasn’t her personal style to campaign for the post, and she didn’t.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.