Yellen to be sworn in as first woman Fed chair next week

Janet Yellen, the first woman to chair the Federal Reserve in its 100-year history, will take over the reins of the US central bank on Saturday but will only formally be sworn in next week, the Fed said on Thursday.

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Yellen, 67, who succeeds Ben Bernanke as the Fed begins to unwind unprecedented efforts to boost the US economy, will be sworn in at 9 AM EST (1400 GMT) on February 3. She will have full authority as the top central banker from Saturday until the swearing-in ceremony, according to the Fed.

Bernanke's second four-year term expires on Friday.

Yellen will be one of a handful of women heading central banks globally. Her main task will be to navigate the US central bank's way out of its extraordinary stimulus, beginning with a further dialing down of its massive bond-buying program.

The Fed has already announced a USD 20 billion reduction in its monthly asset purchases and is expected to completely shut down the program by year-end.