REPORT: Tim Geithner Will Not Seek Fed Chair

This afternoon, Larry Summers announced he was withdrawing his name for Fed Chair.

Now, the Wall Street Journal’s Damian Paletta reports Treasury Secretary Tim Geithner, who’d previously expressed reluctance to take the position, is holding firm and will not seek the nomination.

That leaves current Vice Chair Janet Yellen and Yellen’s immediate predecessor, Don Kohn, as the lone, known candidates.

We’ve profiled both — Yellen remains the favourite thanks to her position supporting current policies, and has the backing of 200+ academics.

Kohn, a lifelong Fed official, would likely face a smoother confirmation hearing.

But Capital Economics’ Paul Ashworth says it’s likely President Obama will now delay his appointment, and could even search for an as-yet unnamed candidate.

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