Obama to name Yellen as next Fed chair

President Barack Obama will nominate Federal Reserve Vice Chair Janet Yellen to be the next head of the US central bank on Wednesday, putting her on course to be the first woman to lead the institution in its 100-year history.

Yellen, who would replace Ben Bernanke when his second term as Fed chairman expires on January 31, has been a forceful advocate for aggressive action to stimulate US economic growth through low interest rates and large-scale bond purchases. (Reuters)