INSTANT VIEW-Yellen to be nominated for Fed chair
Oct 8 (Reuters) - U.S. President Barack Obama will nominate Federal Reserve Vice Chairwoman Janet Yellen to be the next head of the U.S. central bank on Wednesday, a White House official said on Tuesday.
If confirmed, Yellen would replace Ben Bernanke, whose current term as head of the Fed ends in January. Obama is due to make the announcement at the White House at 3 p.m. (1900 GMT).
COMMENTS: SEAN CALLOW, SENIOR CURRENCY STRATEGIST AT WESTPAC IN SYDNEY:
"Markets are giving Yellen the thumbs up, counting on QE being maintained at full pace until further notice.
"It's a notable reaction given Yellen's nomination was so widely expected and that it comes at a time markets are already assuming the FOMC will not seriously consider a policy change at the October meeting given the fiscal standoff."
STOCKS: U.S. stock index futures rose on the news
(Americas Economics and Markets Desk; +1-646 223-6300)