US Senate OKs Yellen as Fed leader
The U.S. Senate is just about to approve Janet Yellen as the first woman to lead the Federal Reserve. The 67-year-old will replace Ben Bernanke, who is stepping down after serving as chairman for eight years.
Yellen has been the vice chair of the Fed since 2010. She is an advocate of fighting unemployment, and a backer of the Fed's efforts to spur the economy with low interest rates and massive bond purchases.
With the U.S. economy rebounding from the depths of the recession but only modestly so far, many economists expect her to focus on how to nurture growth without putting it into overdrive, which could risk fuelling inflation.
Yellen will begin her four-year term at the beginning of next month.
