Senate now voting to confirm Janet Yellen as Treasury Secretary
|US Senate voted to confirm Janet Yellen as the new Treasury Secretary.
The US has its first-ever female Treasury Secretary as the 78th Treasury chief.
There are no details on when Yellen will be sworn into office.
The market had already presumed the fact so there is no reaction.
However, Janet Yellen has signalled she will take a firm stance on China and accept a weaker dollar as Treasury secretary.
Yellen has signalled that she isn’t averse to dollar softness — if that’s where markets are headed.
Therefore, economic forces weighing on the dollar, such as ultra-low interest rates and the Federal Reserve’s relatively aggressive monetary policy, will encounter little resistance from Yellen.
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