Announcement of Yellen for Treasury Sec'y causes markets to jump

Markets jumped about 0.5 percentage points this afternoon when it was released that former Fed Chair Janet Yellen was President-elect Joe Biden’s pick for Secretary of the Treasury.

Worded leaked of Biden’s selection around 2:30 p.m. ET, spurring the DJIA to rise 130 points in about 30 minutes.

An economist, Yellen is well-respected in financial markets for her management of the markets as Fed Chair from 2014-2018. She’s a known entity familiar to investors for her management of financial markets after the Great Recession.

An Ivy League Ph.D., Yellen will be the first woman to head Treasury. She’ll take over for film producer and investment banker Steven Mnuchin.

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Random thoughts Friday, Volume CCI

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