Profile: New Fed chair Janet Yellen October 9, 2013 Janet Yellen has an impeccable economics pedigree for the role, with a family of professors and her own history as a high-flying academic. The incoming Federal Reserve chair is currently in the deputy position, meaning she was already a leading contender for the top job. Her role means she represents a degree of stability and [...]
New York Report: Choice of Yellen as new Fed boss boosts Wall St October 9, 2013 US stocks climbed yesterday to recovering from some of the day’s earlier losses, and the year’s high-performing technology stocks fell, as investors anticipated the nomination of Janet Yellen as US central bank chairman and as a political standoff continued in Washington. The stalemate in Washington and expectations of Yellen’s nomination as Federal Reserve chief made [...]
US debt ceiling division may be the harbinger of greater crises to come October 9, 2013 AS THE government shutdown has metastasised into a crisis about the US debt ceiling, a dark narrative has been playing endlessly inside my head. For the social and political divisions that have been revealed over these past few weeks may well be harbingers of greater crises ahead. To understand why, we need only look back [...]
The Fed is in desperate need of change – sadly Janet Yellen won’t be it October 9, 2013 PRESIDENT Obama has now officially announced his intention to nominate Janet Yellen, current vice chair of the Federal Reserve, to succeed current chair Ben Bernanke. And while Yellen is likely to receive a frosty reception from Republicans, she has a very good chance of garnering the necessary 60 votes needed to achieve Senate confirmation. She [...]
Yellen expected to bring continuity to top job in monetary policy October 9, 2013 News that Janet Yellen will be nominated as successor to Ben Bernanke as chairman of the US Federal Reserve has been welcomed by market watchers, with Yellen expected to bring a wealth of experience to the role. Joshua Raymond of City Index says that while "there is no real surprise here" after Larry Summer's withdrawal [...]
What you need to know before the open – 09/10 October 9, 2013 President Obama's comments last night – that there is "no magic bullet" to end the standoff between the two parties – seems to finally be drumming home to markets the ramifications of shutdown. US markets saw their biggest one-day slide in 11 months. There was some stabilisation, however, on the news that Janet Yellen would [...]
Janet Yellen to be next Fed Chief October 8, 2013 PRESIDENT Barack Obama will today nominate Janet Yellen to be the new chair of the Federal Reserve, making her the first woman to hold the most important job in the global financial system. Yellen will replace the outgoing Ben Bernanke at the end of January subject to approval by the US Senate, a White House [...]
US markets slip as Obama warns no immediate end to shutdown October 8, 2013 US MARKETS slipped yesterday as President Obama warned that there is no instant solution to the budget stand-off that has forced the US government into shutdown mode. Obama said Republican opponents in Congress are making it impossible to discuss raising the country’s debt ceiling because they were demanding too many concessions, including a delay to his flagship healthcare [...]
Investment Comment: Emerging markets: A risky bargain October 8, 2013 Despite cheap valuations, investors must exercise extreme caution EMERGING market equities have underperformed developed markets for three years in a row. This year has been particularly volatile for the former, with concerns over the deceleration of the Chinese economy and the growing realisation that a wind-down in quantitative easing (QE) by the US Federal Reserve [...]
Saxo Bank warns of global slowdown in fourth quarter October 8, 2013 Analysts as Saxo Bank predict that despite central bank interventions, we won't see a sustainable comeback for growth until policymarkets stop supporting "the parts of the economy that don't need or deserve support". Instead, they recommend that support for "the most important engine of job and economic growth" is the focus, namely small and medium-sized [...]