Yellen is a former CEO of the Federal Reserve Bank of San Francisco and has served as vice chair of the Federal Reserve Board since 2010.
KBW Washington analyst Brian Gardner in a note on Wednesday wrote that despite some opposition from Republicans in the Senate to Yellen's nomination, "we expect her to be easily confirmed."
Gardner also addressed the potential opposition of Yellen based on her support of the Federal Reserve's extraordinary monetary stimulus efforts. "We should also add that prominent inflation hawks like John Taylor have praised Dr. Yellen's qualifications and the ability to handle the job while disagreeing with her on policy. In our view, this makes it tough for a critical mass of Republicans to block the Yellen nomination."
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