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.
Earlier, people familiar with the matter have disclosed that aides to US President-elect Biden have told US Federal Reserve governor Lael Brainard that she needs to stay in the Fed, which also means that the possibility of Brainard as the next US Treasury secretary becomes more remote. The market has already speculated that Yellens probability will become US Treasury Secretary, and Brainard is a popular candidate for the next Fed chairman.
Source of this article: Yang Bin, editor in charge of CFA_ NF4368