Obama will nominate Yellen to lead the Fed

President Barack Obama will nominate Janet Yellen to head the Federal Reserve, White House officials said, ending months of speculation over who would hold one of the most powerful economic policymaking positions in the world. Yellen, the second in command at the Fed, was previously president of the Federal Reserve Bank of San Francisco. One of the first issues that she would confront as head of the central bank would be how quickly to scale back the expansionist monetary policies that Chairman Ben Bernanke put in place.

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