A White House source says the President is likely to nominate Larry Summers to be the next Federal Reserve chairman, reports CNBC.
Summers and current Fed Vice Chair Yellen are believed to be the front-runners, though the volume of leaks over the past few weeks has certainly pointed to Summers.
Past comments suggest Summers leans more hawkish than both Bernanke and Yellen, and this could have as much to do with the Treasury bear market this summer as any taper talk. Treasury prices continue higher this morning as risk markets are shaky over Syria.
TLT +0.4% premarket.