A White House official said Janet Yellen, the Federal Reserve vice chair, is the top contender to replace the chairman in February, Reuters reports
The White House is looking to limit the widespread speculation that existed before the previous White House favorite, former economic adviser Larry Summers, withdrew his name from consideration for the role.
Yellen is considered a strong supporter of current chair Ben Bernanke’s stimulus policies and is expected to extend them. On Wednesday, the Fed surprised markets by saying it would continue to purchase $85 billion in bonds per month, which sent stocks soaring.
[Reuters]