President Obama officially nominated Janet Yellen as the next Fed Chair today, in a move that was widely anticipated by the markets

Jay Soloff
Jay Soloff Argonath Financial

President Obama officially nominated Janet Yellen as the next Fed Chair today, in a move that was widely anticipated by the markets. (Although, the US government hasn't exactly been reliable these past few weeks, so you never can tell.) Yellen is a nearly ideal choice for Fed Chair as she isn't a Wall Street insider nor does she have close political ties to the current administration or Congress. Essentially, she comes from the Fed, where she's been the top forecaster over the last three years. She also is the only member of the FOMC who was concerned about a potential housing bubble in 2007. The markets love Yellen because she believes in highly accommodative monetary policy and should be slow to unwind the Fed's bond buying program.

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