This is huge news and It’s probably bullish for metals as the other person they were considering, Yellen, is known to be quite dove-ish and very apt to continue with QE.
Dear Mr. President,
I am writing to withdraw my name for consideration to be Chairman of the Federal Reserve.
It has been a privilege to work with you since the beginning of your Administration as you led the nation through a severe recession into a sustained economic recovery built on policies to promote employment and strengthen the middle class. This is a complex moment in our national life. I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation’s ongoing economic recovery. I look forward to continuing to support your efforts to strengthen our national economy by creating a broad based prosperity and to reform our financial system so that no President ever again faces what you and your economic team faced upon taking office in 2009.
Former Treasury secretary and White House adviser Larry Summers, who had been a leading candidate to become the next chairman of the Federal Reserve but faced rising opposition in Congress, withdrew his name from consideration Sunday, the White House said. Read more here…