New York Times:
President Bush will nominate Ben S. Bernanke, his top economic adviser, to replace Alan Greenspan as chairman of the Federal Reserve Board, a White House official said.
Mr. Bernanke, 51, is expected to be named to the post at 1 p.m., said the official who asked not to be identified because of the pending announcement.
A former Federal Reserve governor, Mr. Bernanke has long been considered the favorite for the post, according to political experts, Wall Street analysts and economists. Mr. Bush appointed Mr. Bernanke, a Republican and former professor at Princeton University, to head the White House Council of Economic Advisors earlier this year.
The markets seem to approve of Bernanke, which seems like a pretty good sign to me.