by Calculated Risk on 10/08/2013 08:26:00 PM

Some good news from the WSJ: White House to Nominate Yellen as Fed Chief

President Barack Obama plans to announce Wednesday afternoon he is nominating Federal Reserve Vice Chairwoman Janet Yellen as the central bank's new leader, a White House official said.
...
Ms. Yellen's nomination would be subject to Senate confirmation ... The timetable for hearings and a vote is uncertain.

Ms. Yellen has been the Fed's second-in-command since 2010. From that perch, she's been a close adviser to Mr. Bernanke as he devised new easy money programs aimed at supporting economic growth.

Her nomination would mean the Fed is unlikely to make any unusual lurches in its interest-rate decisions in the near-term.

The announcement is scheduled for 3 PM ET.  An excellent choice!

Wednesday:
• 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• DELAYED: At 10:00 AM, the Monthly Wholesale Trade: Sales and Inventories for August. The consensus is for a 0.4% increase in inventories.

• At 2:00 PM, the FOMC Minutes for Meeting of September 17-18, 2013.