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Yellin’ for Yellen? Why the Market Rally May Not Last
If the headlines are to be believed, global stock markets yesterday cheered the news that Larry Summers had withdrawn his name from consideration to be the next chairman of the Federal Reserve. Summers, the former Treasury Secretary and president of Harvard who seemed to be President Obama’s choice to succeed Ben Bernanke, pulled out in light of the magnitude of opposition from within the ranks of the Democratic Party, leaving Janet Yellen – currently the Fed’s vice-chairman – as the likely and obvious nominee. Or perhaps Donald Kohn, a former Fed vice chairman. Or Roger Ferguson, another former Fed vice ... (full story)
