(MENAFN- Qatar News Agency) US President Barack Obama plans to nominate Janet Yellen on Wednesday as the first woman to head the rate-setting Federal Reserve, according to media reports citing White House officials.
The Wall Street Journal reported that Obama is expected to make the announcement at 3 pm (1900 GMT). Yellen, 67, has served as vice chairwoman of the US central bank and, if confirmed by the Senate, would succeed Ben Bernanke when his term as chairman expires January 31
The announcement would come with foreign ministers and central bank chiefs participating in twice-annual joint meetings this week in Washington of the International Monetary Fund and its sister development agency, the World Bank
The Fed next meets October 29-30 in Washington amid widespread expectations that it will begin scaling back its slack monetary policy
Under Bernanke, the Fed has been pumping 85 billion dollars a month into financial markets - some 1 trillion dollars a year into the 16-trillion-dollar US economy - by buying government-backed bonds, closing off traditional safe-haven investments to push money into the private sector.
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