Eating in the employee cafeteria was considered outré for Federal Reserve governors when Janet Yellen joined the board in 1994 -- so much so that a writer for the Minneapolis Fed’s quarterly magazine, The Region, called her on it in an interview.
President Nicolas Sarkozy’s announcement this week that he would seek re-election was hardly a political thunderclap. It is nonetheless significant: The campaign, which could result in a transfer of power in Europe’s second-largest economy, will inevitably introduce another element of uncertainty into the continent’s struggles to resolve the sovereign-debt crisis.
President Barack Obama plans to nominate Janet Yellen as the next chairman of the Federal Reserve Board. In doing so, he will promote the pre-eminent policy economist of her generation to the role of the most powerful central banker in the world.