Fri, Jun 23, 2017
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. Comment: For emerging market debt, a sustainable recovery[more]

    Matthias Knab, Opalesque: Standish Mellon Asset Management Company writes on Harvest Exchange: After several difficult years, the outlook for emerging market debt (EMD) denomin

  2. J.P. Morgan Global Alternatives raises distressed shipping fund[more]

    From Institutionalinvestor.com: J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies. The firm, which has been investing in maritime for more than a decade, initially targeted $400

  3. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  4. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  5. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is