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Just days after former Treasury Secretary, Larry Summers, withdrew from consideration for chairman of the Federal Reserve, speculators are saying Janet Yellen is the top contender.
If Yellen is chosen as the next chairman for the Federal Reserve, expect to see vast changes in the current job market. Yellen has consistently stressed the priority of a thriving job market even in high-inflation conditions.
Jonathan Wright, an economics professor at Johns Hopkins University, says “a Yellen chairmanship [would be] particularly attuned to the risk that having high cyclical unemployment lasting for too long will eventually become structural,” quotes Bloomberg News.
In addition, Yellen would be the first woman chairman of the Fed if appointed.
While many slate Yellen as the top contender for Fed chairman, Donald Kohn also remains a forerunner as a retired Fed vice-chair and a member of the Bank of England financial policy committee, says The Guardian.
Reuters reports that President Barack Obama will announce his decision for next chairman of the Fed late fall.