Janet Yellen set for nomination as Fed chair

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Janet Yellen is on course to succeed Ben Bernanke as chair of the Federal Reserve, with US President Barack Obama expected to nominate her for the post later today.

Obama is due to announce his nomination this afternoon US time in a formal ceremony at the White House. Yellen, the Fed's vice-chair since 2010, would be the first woman to lead the institution.

She is the obvious choice for the job, and was the initial favourite to get it. Former US Treasury secretary Lawrence Summers threatened to

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