FEDERAL Reserve vice-chair Janet Yellen has been nominated by President Barack Obama to be the next Fed chairman. Her public mien is gentle and engaging, qualities that are likely to expedite her confirmation process and also influence her leadership of the Fed.
Things were not always so in Fed land. Historically, Fed chairmen ran the Federal Open Market Committee (FOMC) with iron hands, imposing their will on their colleagues and policy and often dropping policy shifts as unexpected shocks on the markets and the economy. However, the Alan Greenspan Fed embarked on a practice of driving policy more by consensus among FOMC members, with regular public statements as to the intentions of Fed policy...
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