Current Affairs Global - 7 January 2014

1. The US Senate confirmed Janet Yellen as the head of the Federal Reserve, making her the first woman to lead the world-s most powerful central bank in its 100-year history through voting today. She got 56 votes in favor compared to 26 against. She is expected to be sworn in on February 1 and she will replace Ben Bernanke as the Chair of the Federal Reserve. This is undoubtedly the most powerful position for financial and capital markets worldwide. Ben Bernanke is stepping down after serving as the Chairman of Federal Bank for more than eight years which faced one of the biggest recession in Financial history.

2. The eurozone's inflation rate dropped to 0.8% in December compared 0.9% in November which is much lower than the European Central Bank's (ECB) target of 2%. The ECB cut its benchmark interest rate to a record low of 0.25% in November last year due to softening of Inflation number.