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Yellen to serve as FOMC chair Feb. 1

Janet Yellen (AP photo/J. Scott Applewhite)
Janet Yellen (AP photo/J. Scott Applewhite)
(Bloomberg) -- Janet Yellen will serve as chair of the Federal Open Market Committee beginning Feb. 1, succeeding Ben S. Bernanke, whose eight-year tenure ends today, the Federal Reserve said in a statement.

Yellen, a main architect of the Fed’s unprecedented accommodation and vice chair since 2010, will be sworn in as chair of the Board of Governors on Feb. 3, the central bank said today.

The policy-setting FOMC at its annual organizational meeting this week unanimously selected Yellen to serve as chair, the central bank said.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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