Still, the timing, as cynics on Wall Street have noted, is curious. The Senate Banking Committee will likely hold hearings on Yellen's nomination shortly after the debt ceiling deadline of Oct. 17. That sets the stage for another confrontation with the Republicans, who will likely unanimously oppose Yellen.
Bottom line: The Yellen nomination is going to be another very public slug-fest over President Obama's economic policies, including Obamacare. At the very least, the Republicans will argue that by nominating a dove, President Obama now owns both quantitative easing and the effects of the (eventual) taper.
And remember: People like Rand Paul and Ted Cruz were not even around when Bernanke was renominated in 2010, so they have never been a part of a nomination process. They certainly will be now.
And it's going to come in the wake of the debt ceiling fight, which will likely not even be resolved by then.
What will the outlook be? It's doubtful the Republicans can derail the nomination. If Cory Booker wins the New Jersey special election next week, it looks like a 55-45 Democrat-Republican Senate (Bernie Saunders in Vermont and Angus King in Maine are independents but will likely vote Democratic). I suppose a filibuster is a possibility, in which case they will need five Republicans to break it.
One final point: Yellen will apparently become Acting Chairman on Feb. 1 when Bernanke's term expires because she is Vice Chair.