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Summers as next Fed chief? Brace for wild market swings
President Barack Obama may be leaning towards former Treasury Secretary Larry Summers as the next head of the Federal Reserve, recent press reports say. But such a move could jolt markets which have been expecting the dovish Janet Yellen to be the next U.S. central bank chief, analysts say. "If Summers is appointed, then we many see markets correct as tapering will be expected to happen more quickly," said David Forrester, G10 foreign exchange and fixed income strategist at Macquarie Bank, referring to an unwinding of the Fed's monetary stimulus program for the economy. Federal Reserve chairman Bernanke is expected ... (full story)