As is expected, Janet Yellen was nominated as vice chairman of the Fed No. 2, along with Sarah Raskin and Peter Diamond.

Yellen is known as an inflation Dove, which is a good thing, though I don’t think that she will be the next Fed chair, she is 63, and neither would Mr. Diamond, he is 70.

Assuming that they are confirmed, it will mean that Obama has now appointed a majority of the permanent members of the FOMC.