When Janet Yellen testified before the Senate last week, she inadvertently let slip a major clue as to where the real money will be made over the next year or so. And we're not talking about the record stock market highs, either. Knowing how to interpret this single phrase is the key to unlocking a $2.5 trillion market.
fed chair 2013
- Janet Yellen's Testimony Didn't Intend to Reveal This Profit Opportunity
- Janet Yellen as the Next Fed Chair: What That Means for Markets, Economy
- The Next Federal Reserve Chairman: Summers Out, Yellen In
Now that President Obama has officially nominated Janet Yellen to be the next Fed chair, there are a few things you should know about her. For instance, she was the overwhelming choice of both Congressional Democrats and Wall Street bankers. Get ready for this:
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Larry Summers shocked Wall Street and Washington circles on Sunday by withdrawing his name for consideration as the next U.S. Federal Reserve chairman.
Summers wrote in a letter to U.S. President Barack Obama, "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration, or ultimately, the interests of the nation's ongoing economic recovery."
His decision comes at a critical point for the Federal Reserve.