LIVE: Obama Nominates Janet Yellen To Lead The Fed

Last night, the White House announced that it would nominate Federal Reserve vice chairwoman Janet Yellen to replace Fed chairman Ben Bernanke when his term expires in January.

Yellen was widely seen as the frontrunner to receive the nomination - especially after her chief opponent for the job, former Treasury Secretary Larry Summers, withdrew his name from contention in September.

She will be the first female Fed head, and given her "dovish" tendencies - meaning she tends to focus more on employment and less on inflation - economists and market participants mostly expect her to continue the policies of her predecessor.

Yellen is expected to be easily confirmed in the Senate.

Obama will announce her nomination today at 3 PM ET during an event in the East Room of the White House.

Click here for an in-depth profile of the first ever Federal Reserve chairwoman »