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.