Global Macro Monitor

This is the best news we’ve heard in a long time.

Bloomberg reports,

Former Bank of Israel Governor Stanley Fischer is President Barack Obama’s leading candidate to become vice chairman of the Federal Reserve, people familiar with the selection process said.

Fischer, 70, would replace Janet Yellen as the Fed’s No. 2 official, according to the people, who asked for anonymity because the decision isn’t final. There are no plans by the White House to announce the choice this week, one of the people said.

Obama has already offered the job to Fischer, who accepted it, according to another person familiar with the process. The person said the decision was made jointly by the president and Yellen, who is awaiting Senate confirmation to succeed Ben S. Bernanke as Fed chairman.

Sounds like a done deal.  Gravitas!

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