If it's Yellen, Wall Street gets the Fed chief it wanted, not expected

[former9thward]

Wall Street looks set to get who it wants as Federal Reserve chairman, but definitely not who it expected.

The CNBC September Fed Survey, conducted Thursday and Friday, found Wall Street participants by a 2-to-1 margin believed President Barack Obama would nominate former Treasury Secretary Larry Summers to be the next Fed Chairman.

But by about a 5-to-1 margin, they wanted current Vice Chairwoman Janet Yellen to accede to the top post over Summers.

In a surprise announcement on Sunday, Summers, the presumed frontrunner, told President Obama he no longer wanted to be considered for the job. Summers, who was strongly opposed by some Democrats on the left, cited the high political price the president might have to pay for the nomination to succeed.

http://www.nbcnews.com/business/if-its-yellen-wall-street-gets-fed-chief-it-wanted-8C11166978

What's that saying about being careful what you wish for?

[JustAnotherGen]

1. I didn't have a dog in that race

That's gone on here re Summers or Yellen - but I find it pretty interesting that Wall Street is going to be pretty pleased with her by a 5 to 1 margin . . .

[Mass]

2. Frankly, they are too vocal in promoting a survey of less than 50 people.

Krugman supports her. This is probably enough for me, as well as this:

The survey found that participants believed Yellen was substantially more concerned about unemployment than Summers, and that Summers had greater concern about inflation.

The survey of 47 top economists, Wall Street strategists and investment managers found that most perceived Summers to be more hawkish than Yellen—that is, they believed he would be less likely to continue the current easy monetary policy of current Chairman Ben Bernanke.

So, can you give us concrete things about Yellen, not just CNBC rehashed news??

Note: I do not have a dog in the race. I am just tired by the overuse of statistics by the media, particularly when they do not know what they are talking about.

[former9thward]

4. No I can't give any concrete things about Yellen.

What happens on Wall Street does not affect me so I don't really care who gets nominated. I just thought it was interesting given that Summers seemed to be the Devil himself to some and Yellen was supposed to be some avenging Angel. Given the instant rally on Monday morning I think the feeling was from more than 47 people.

[DJ13]

3. Reminds me of a story