Markets reacted favorably to news that former U.S. Treasury Secretary Lawrence Summers had removed his name from consideration to be the next chairman of the Federal Reserve. The presumption appeared to be that Janet Yellen, the Fed's No. 2 who supports quantitative easing, is the front-runner for the job, although another nominee could emerge that would change the outlook. "The Obama administration has shown little, if any, enthusiasm for Yellen, however, so we're not convinced she will necessarily get the nod," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.

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