Obama names Yellen to head Fed in turbulent times
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Washington - Federal Reserve Vice Chairwoman Janet Yellen, named Wednesday to head the US central bank, faces the immediate, treacherous task of helming the Fed through the long tapering of its unprecedented loose monetary policies.
If confirmed by the Senate, where President Barack Obama's Democratic Party holds a majority, Yellen will take office when Fed Chairman Ben Bernanke's term expires on January 31, becoming the first woman to lead the Federal Reserve in its 100-year history.
Her challenge will be to wean the United States - and the world economy- from years of easy money since the 2008 financial crisis.//DPA
