NY Fed chief Tim Geithner looks like he will get the nod at the Treasury Department, setting off a rally on Wall St. He’s a very capable guy and will likely do a very solid job, but I would have kept him at the Fed and appointed Larry Summers to the Treasury post. Treasury secretaries turn over at a failry rapid rate, So if I were Obama I would have fed Summers to the wolves, knowing I have Geithner on the bench, waiting to come into the game.
EUR/JPY heads into the close near its highs, around 120.50.
