“Rebel Democrats on Monday threw their weight behind a growing campaign for Janet Yellen to take over the US Federal Reserve, as their successful revolt against White House pick Larry Summers emboldened those calling for tougher policy toward Wall Street. Investors were betting that Yellen would look more favorably on the continuation of the Fed’s massive financial stimulus programme, known as quantitative easing (QE). Yellen has backed Bernanke in his plans to extend the $85bn-a-month bond-buying programme that is aimed at stimulating the economy and keeping interest rates down. Summers had been perceived as being more critical.”
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