Fed puts Obama in a jam

Now that Larry Summers, U.S. President Barack Obama’s preferred pick for chair of the Federal Reserve, has dropped out as a candidate the government may shut down, reports CNBC.

Read: Fed to begin tapering, say experts

The unpopularity of Summers’ candidacy was a big blow to Obama’s economic team, all of whom were in favour of the nomination.

But the White House’s economic advisors will have to recover soon because they’ll need their strength for another major budget debate around the corner. Otherwise the government could shut down.

Read: Markets flat on soft U.S. sales data

Read more.

Now Janet Yellen, the new candidate for chair of the Federal Reserve is facing pushback, The Street reports.

Currently the vice chairwoman of the Fed’s Board of Governors, Yellen’s critics say she doesn’t have the serious bearing needed for the job. Her supporters say the argument is sexism in disguise.

Read more.

Also read: Should we worry about the next Fed chair?