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January 30, 2014 AT 8:59 PM
Janet Yellen, the first woman to chair the Federal Reserve in its 100-year history, will take over the reins of the U.S. central bank on Saturday but will only formally be sworn in next week, the Fed said on Thursday. Yellen, 67, who succeeds Ben Bernanke as the Fed begins to unwind unprecedented efforts to boost the U.S. economy, will be sworn in at 9 a.m. Her main task will be to navigate the U.S. central bank's way out of its extraordinary stimulus, beginning with a further dialing down of its massive bond-buying program.