Janet Yellen will become the first woman to hold the most powerful job in the world economy after administration officials said that President Barack Obama would nominate her as chair of the US Federal Reserve.
Mr Obama will formally nominate Ms Yellen at a ceremony at the White House on Wednesday. Current chairman Ben Bernanke will also attend.
The choice of Ms Yellen – an architect of the Fed’s aggressive monetary stimulus in recent years as the present vice-chair – will redouble its commitment to those policies and may lengthen the period for which US interest rates stay at zero.
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