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Morning six-pack: What we're reading Wednesday

Janet Yellen
Source: Federal Reserve | Flickr
Janet Yellen

Happy Wednesday. Meet the new Fed, same as the old Fed.

Janet Yellen will be nominated as the next chair of the Federal Reserve but no one likely will notice a difference from Ben Bernanke, at least policy-wise. One of five things to know: She was an "architect" of the current central bank easy-money strategy. (Time)

Another thing you might not know: Yellen really, really wanted to lead the Fed, and we could all be poorer for it. (Forbes)

Meanwhile ... life always looks better in the rear-view mirror, especially if you're Facebook. (Fortune)

In other news, the debt ceiling looms. What happens, though, if Congress never agrees to lift the borrowing limit? (Interfluidity)

To panic or not to panic? Lots of blogosphere chatter over the dramatic spike—at least proportionately—of short-term government debt yields. Consensus, so far, is it's not panic time, yet. (Felix Salmon/Reuters)

And, finally ... the aforementioned rise in yields is still pretty scary. CNBC.com's Ansuya Harjani explains.

—By CNBC's Jeff Cox. Follow him on Twitter @JeffCoxCNBCcom.

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