President Obama has appointed Janet Yellen to be the next Chairman of the US Federal Reserve when Ben Bernanke steps down in February. Yellen is the first woman to be named as Fed chairman in the hundred years the institution has existed. The appointment still needs Senate approval, although markets already approve.
Yellen, who is second-in-command to Bernanke right now, will continue in his tradition by trying to create peace, not make war. In other words, the Fed will keep up its current monetary policy and enact a progressive downplay of its stimulus program.
This is the first challenge that Yellen will face. She will have to do a god job explain how and when the Fed's decision to stop pumping money into the US economy will effect jobs and GDP growth.
