In the midst of all the recent headlines out of Washington, Janet Yellen was nominated to lead the Federal Reserve two weeks ago. She was the clear favorite of the academic community, notably recent Nobel laureate Robert Shiller, author of Irrational Exuberance. We are encouraged by the prospect of a Fed chair whom we believe understands that markets are not perfectly efficient.

David Fuller's view I doubt that any candidate to lead the Federal Reserve has had better qualifications than Janet Yellen, who is also greatly respected by everyone who knows her. She will need these skills because the harder part of what Ben Bernanke started with quantitative easing (QE) will be to taper and eventually end it without too much turmoil. This might be less difficult if she simultaneously uses her influence to rein in high frequency trading.

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