BREAKING: Obama to nominate Fed Vice Chair Janet Yellen to replace Bernanke as chairman of central bank.

— The Associated Press (@AP) October 8, 2013

NPR reports that Yellen is a very sensible choice to take over for Bernanke: "Yellen has served as vice chairwoman of the Board of Governors of the Federal Reserve System since 2010. She had previously served as the CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010 and as governor of the Federal Reserve Board during the Clinton years."

What will Larry Summers do? Maybe he'll finally get some sleep.