Shares were 5% higher following today's results.
He replaced Alan Greenspan, whose reputation had never been higher following the US recovery from the dotcom recession.
But, because inflation will (temporarily) be higher following the fall in the pound, nominal GDP could well be little changed.
Leading shares are moving higher, following Wall Street's record breaking performance on Monday, despite a couple of high profile declines.
Asian indexes were higher, following on the performance of the Dow the day before.
Mining shares have edged higher following Friday's rate cut in China, despite the country saying over the weekend that its 7% growth target was not set in stone.
Mining companies moved higher following the Chinese figures, with Antofagasta adding 33p to £11.17 and Anglo American climbing 39.5p to 1981.5p.
But retailers are also in focus, with Tesco leading supermarkets lower despite signs of a turnaround, and Halfords higher following a strong fourth quarter.
Therefore, relative to the plausible baseline, state spending was substantially higher following the receipt of the Recovery Act funds.
The rate on the note inched higher following an auction of $37 billion in two-year Treasury notes.
The Dow is down 0.1%, or 15 points, at 15513, while the S&P 500 and Nasdaq have inched higher, following a frankly dull session in Europe so far.
