UPDATE: Fed vice chair Janet Yellen, who's considered more an advocate of using the Fed's interest rate influence to stimulate the slow-growing U.S. economy, is President Obama's most likely candidate to replace Ben Bernanke as Federal Reserve chairman, now that Larry Summers has dropped out, says Bloomberg here. Other possibilities: Fed veteran Donald Kohn, ex-Treasury secretary (and Summers protege) Timothy Geithner.
YESTERDAY: Larry Summers, the best-known scion of a family of Main Line economists and other scholarly professionals, has sent President Obama a letter withdrawing his name from consideration as Federal Reserve chair, citing the "acrimonious" fight the former Clinton/Rubin aide, Harvard president and pro-deregulation economist would have to wage to get through the Senate as Ben Bernanke's successor: Read it here.