Summers or Yellen? Markets Don’t Care
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Aug. 13 (Bloomberg) -- President Barack Obama recently saidthat choosing the next chairman of the Federal Reserve is“definitely one of the most important economic decisions thatI’ll make in the remainder of my presidency.” The financialmedia appear to agree, devoting hundreds of column inches tospeculation. Senators, overseas pundits and even Bette Midlerhave chimed in.
But there’s one group that considers the decision largelyinconsequential: investors in financial markets. At least,that’s my initial reading of a revealing natural experiment.