“Federal Reserve Vice Chairman Janet Yellen is seen by a third of international investors as the most likely to take the helm of the central bank when Ben S. Bernanke’s term ends in January.
The second-most probable choice is Bernanke himself, according to a quarterly poll of investors, analysts and traders who are Bloomberg subscribers — even though the Fed chairman has said he feels no personal responsibility to remain for another term.
Speculation about the succession at the central bank intensified after the Fed said April 21 that Bernanke would skip an annual symposium in Jackson Hole, Wyoming, because of a personal scheduling conflict. Yellen, a 66-year-old former professor at the University of California-Berkeley, has been identified by Fed watchers as a favorite, with former governor Laurence Meyer saying she has “right of first refusal.”
Yellen “has a strong record of monetary policy experience, to state the obvious, but she is also perhaps too dovish,” or overly concerned by unemployment, said David Schimizzi, senior economist at Ally Financial Inc. in Charlotte, North Carolina. “While turning off the spigots of monetary policy support immediately may not be a good idea, Yellen may push the Federal Reserve to undertake policies that could increase the risk that inflation could accelerate too quickly in the intermediate term.”
The Bloomberg poll showed 34 percent expect President Barack Obama to choose Yellen, while 27 percent predicted Bernanke and 17 percent named another candidate from a list of four other names.
Familiarity Lacking…”
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