The 74 year old Yellen is also widely regarded as a safe choice for the post of US Treasury secretary. He may be able to win compromise between the two parties and Bridge policy differences in difficult economic times. As a result, U.S. stocks rose slightly after the news was announced.
Investors are likely to welcome Ms. Yellen, whose tech stocks doubled even after her first rate hike in 11 years as Fed chairman. Yellen also agreed to increase emergency government spending during the outbreak.
If confirmed, Yellen will face one of the toughest jobs in the new government, with many unique economic hurdles. At a time when the epidemic is still devastating the U.S. economy, the U.S. Treasury Secretary will receive more attention from the outside world.
Source of this article: Yang Bin, editor in charge of CFA_ NF4368