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Investments / The Ticker

Larry Summers is Obama’s Fed pick, Japanese paper claims

White House denies a selection has been made

Federal Reserve
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White House officials say the president has not selected a nominee to replace Ben Bernanke as Federal Reserve Chairman, but a Japanese newspaper, Nikkei, claims to have the scoop.

Citing unnamed sources, the publication said Obama is in the final stages of naming Summers as his pick to lead the Fed.

According to Reuters, the foreign paper stirred up quite a bit of controversy and speculation:

The newspaper, quoting unnamed sources, said in its original Japanese version that Obama was "in the final stages" and moving toward naming Summers.

The English-language version said the president "is set to" name Summers as early as late next week.

Asked about the story, a White House spokeswoman said Obama had not made his decision about the Fed job.

Source: Reuters
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