(CNBC) — After months of speculation, it's official: Janet Yellen will be the next chair of the Federal Reserve, succeeding Ben Bernanke, the White House said late Tuesday.
President Obama will make the announcement on Wednesday at 3pm ET, the White House said. Both Janet Yellen and current Fed chair Ben Bernanke are expected to attend. That announcement will be right after the Fed releases the minutes from its last meeting, due out at 2pm ET.
Dow and S&P futures shot higher following the announcement, pointing to a higher open on Wall Street Wednesday.
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"Markets are giving Yellen the thumbs up, counting on quantitative easing being maintained at full pace until further notice," Sean Callow, senior currency strategist at Westpac in Sydney, told Reuters after the announcement.