Shah: Fed's Yellen cancels speech, nomination imminent?
Fed Vice Chairwoman Janet Yellen has cancelled a speech on Oct 1 before the Economic Club of New York, according to the WSJ.
This raises the prospect that the nomination of Yellen to replace Ben Bernanke as the Fed’s Chair is imminent, and we would speculate that an announcement could be made as early as today.
It follows news that efforts are being made by the White House to ensure the confirmation runs smoothly after Larry Summers withdrew as a candidate.
The nomination process could also help explain why the Fed did not taper last week beyond concerns over higher mortgage rates as well as fiscal policy.