We all should applaud Obama's decision to nominate the first female head of Federal Reserve in history.
But if you wonder whether that superficial fact will bring any fundamental changes to Fed policy and US economy, then consider the changes that have been promised and achieved by the first African American president and Nobel Peace Prize winner in history.
You will hear many "first in history" in the future, only because US has only about 250 years history. The market might choose to focus on the gender of the new fed chairman for one day or two, but it has to come back to reality soon enough: failed mission of QEs, perpetual fiscal deficit, ballooning sovereign debt, etc.
It looks like that Yellen could be the first female head of Federal Reserve to oversee the final unwinding the massive PONZI scheme in the recorded human history.
It is always hard to predict when the PONZI bubble will pop. The Madoff whistle-blower had been writing to SEC for many years, before it finally collapse by itself as the result of credit crunch from the 2008 financial crisis.
So enjoy yourself and do not worry about it.
If you truly believe that YIN, or female energy, is good for the financial market, then the most likely way forward is contraction and unwinding. Of what? The PONZI scheme, which is so massive as to have become "invisible".
Fed does not create money. The consumers, businesses and investors do through banking and shadowy banking system.
If they believe that Fed's QEs has only temporary positive effect on GDP growth, then more QEs will not do much.
And it is only an illusion that Yellen will really be in charge. Bernanke was never really in charge: he admitted himself about the Lehman Bankruptcy. He stated publicly that he was in favor of a bailout but THEY override him.
We are approaching the inflection point. No female, nor African American/Hispanic/Asian/American Indian, nor Gay head of the Federal Reserve will solve the problem. The PONZI bubble has to collapse due to the natural law of gravity.