Mon, Jun 27, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Janet Yellen confirmed as new Fed chief

Tuesday, January 07, 2014

Bailey McCann, Opalesque New York:

After yet another will they/won't they battle in the Senate, Janet Yellen was confirmed to take over the Federal Reserve from departing chief Ben Bernanke. Bernanke is slated to move out of his role by January 31, 2014. He began transitioning last month in anticipation of today's confirmation vote. The vote itself managed to go forward despite rumblings from some Republican Senators who suggested they would vote no.

Now that Ms. Yellen has been confirmed she'll be tasked with overseeing the first phase of Fed tapering, and likely continued efforts to wind down the Fed's asset purchasing program over the next year. Any efforts will have to be done cautiously in order to avoid damaging the nascent housing recovery and shaky US economy. The move to put Yellen in the seat has been seen by some as a tacit continuation of the accommodative stance the Fed is taking in an effort to get the economy back on its feet.

From day one, Ms. Yellen's tenure at the Federal Reserve will be an historic one. She is the first female appointed to the post in the 100-year history of the Fed. The final vote tally was 56-26, with 11 Republicans breaking rank to vote for Ms. Yellen.

In a statement, President Obama said he is "confident that Janet will stand up for American workers, protect consumers, foster the stability of our financial system, and help keep our economy growing for years to come."

......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Roundup: Hedge funds shrink as liquidations outpace new launches in Q1: hedge fund news, week 27[more]

    In the week ending 17 May, 2016, HFR said hedge fund liquidations declined narrowly to begin 2016 after rising sharply to conclude 2015, as investors positioned f

  2. Europe - Hedge funds keep powder dry over big Brexit bets, Hedge funds sense profit in Europe shock waves after Brexit vote, Soros warns Brexit may cause pound plunge worse than Black Wednesday, After Brexit: What will happen if Britain votes to leave the UK?[more]

    Hedge funds keep powder dry over big Brexit bets From FT.com: Hedge funds are shying away from big bets on Brexit, with many unwilling to risk further losses having already suffered a painful first half of the year. With the outcome of a UK vote on the country’s membership of the Europea

  3. News Briefs - ’Flash Boys’ get green light to launch stock exchange, Pimco says ‘storm is brewing’ in U.S. commercial real estate, Bankers get ready to rumble at Hedge Fund Fight Night, AIMA Australia celebrates 15th anniversary[more]

    ’Flash Boys’ get green light to launch stock exchange In an investing environment ruled by fast, the newest U.S. public stock exchange is banking on slow. Well, slower. IEX Group, which won Securities and Exchange Commission approval on Friday to go head-to-head with the New York Stock E

  4. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  5. Global markets fell, hedge funds gain in mid-June on Brexit, Fed rate concerns[more]

    Komfie Manalo, Opalesque Asia: Global financial markets declined through mid-June, as uncertainty associated with the upcoming Brexit referendum and expected U.S. Fed interest rate hike contributed to increases in volatility across asset classes, data provider