In the News

Biden to pick ex-Fed Chair Yellen for Treasury secretary

New York, November 23 (Reuters) - U.S. President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary, the Wall Street Journal reported on Monday, citing people familiar with the decision.

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The S&P 500 extended gains and the U.S. dollar index dipped on the news.

COMMENTS:

JOHN DOYLE, VICE PRESIDENT OF DEALING AND TRADING, Monex, WASHINGTON, DC

“I think she is a great pick. She was the first women head of the Fed and will be the first woman Treasury Secretary.”

“I think she will bring great stability to the post. She held leadership positions in crisis before and performed well,”

“I think she will make a strong push for fiscal stimulus to compliment the Fed.”

“Overall, her appointment would be seen as slightly dollar negative as more aggressive stimulus could cause treasury yields to rise. However, with the GOP likely to hold the Senate, there will be handcuffs on what the Biden administration can get pushed through.”

 

Compiled by the Finance & Markets Breaking News team
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