US stock market daily report (February 03, 2014, Monday)
February 4, 2014, Tuesday, 05:07 GMT | 00:07 EST | 09:37 IST | 12:07 SGT
History was made Monday as Janet Yellen was sworn to take over the reins from predecessor Ben Bernanke to head the Federal Reserve, becoming the first woman to lead the Federal Reserve in its 100-year history. Yellen was sworn in by Fed Governor Daniel Tarullo, senior member of the Fed's seven-member board. New Fed Boss took the oath in a brief ceremony in front of a fireplace in the Fed's massive board room in the presence of her husband, George Akerloff, Nobel-winning economist, other Fed board members as well as the Federal Reserve staff.
Yellen served as Fed vice chairman since 2010, a close ally to Bernanke and is expected to continue the Fed's policy of maintaining low interest rates while scaling back on the Fed's bond buying program. She will testify before the House Financial Services Committee on February 11 and is expected to explain her views in more detail next week when she delivers the Fed's twice-a-year policy report to Congress. The House hearing will be Yellen’s first major public comments since taking over as head of the Fed and is expected to attract extensive press coverage.
Yellen was nominated by President Barack Obama on October 9, 2013 and her four-year term as Federal Reserve Chairman will end on February 3, 2018.
Yellen, 67, grew up in Brooklyn and was the only woman in her PhD class at Yale University as her strives continued to break through gender barriers. According to Yale University, in 1971 there were two dozen economists who earned doctorates, Yellen was the only woman.
She has served on the Fed’s Board of Governors from 1994-1997 and in 1997 she moved to the Clinton White House to head the Council of Economic Advisers. Yellen ran the San Francisco Fed for six years and became vice chair of the Federal Reserve in 2010.
Yellen is best known for letting her work speak for itself.