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Christina Romer

Summers Exit Reshapes Race to Replace Bernanke

Investors are breathing a sigh of relief after Larry Summers dropped out of the Fed chief race, but the renewed uncertainty about who will succeed Ben Bernanke could soon become a headwind on Wall Street.The White House hasn't signaled whether Summers' decision to remove himself from the nominating process will prompt President Obama to appoint Janet Yellen, the reliably-dovish Fed vice chairman who has received support from 400 economists and many Democrats in Washington."The biggest risk to markets right now is time. We thought we would have something this week. But now that is up in the air, even if markets are relieved that Summers is out of the picture, they want... someone," Michael Block, chief strategist at Rhino Trading Partners, wrote in a note to clients on Monday.In a letter to Obama on Sunday, Summers said he "reluctantly concluded" that the confirmation process would be "acrimonious" and "not serve the interests of the Federal Reserve, the Administration, or ultimately, t...

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