Obama to reappoint Fed Chairman Bernanke

Prediction:

Markets should react well to the news.

President Barack Obama plans to announce the reappointment of Federal Reserve Chairman Ben Bernanke on Tuesday, reports said late Monday. The annoucement of a second term for Bernanke will be made from Martha's Vineyard, Mass., The Wall Street Journal reported, citing White House Chief of Staff Rahm Emanuel. Obama is expected to praise the Fed chairman for his "bold action" in dealing with the financial crisis, according to Reuters. Bernanke's four-year term expires in January, and his reappointment will require Senate confirmation.