INSTANT VIEW-Biden to pick ex-Fed chair Yellen for Treasury secretary -WSJ

NEW YORK, Nov 23 (Reuters) - U.S. President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary, the Wall Street Journal reported on Monday, citing people familiar with the decision.

The S&P 500 extended gains and the U.S. dollar index dipped on the news.

COMMENTS:

JUSTIN HOOGENDOORN, HEAD OF FIXED INCOME STRATEGY, PIPER SANDLER, CHICAGO

"The initial reaction is positive. She's got a ton of experience. Who wouldn't feel comfortable with her at the helm?"

"She certainly knows her way around and it would just be interesting because obviously that's a more political-type position than her role at the Fed. But certainly, the economic recovery is going to be the most important thing she does."

JOHN DOYLE, VICE PRESIDENT OF DEALING AND TRADING, TEMPUS, WASHINGTON, DC

"I think she is a great pick. She was the first women head of the Fed and will be the first woman Treasury Secretary."

"I think she will bring great stability to the post. She held leadership positions in crisis before and performed well,"

"I think she will , make a strong push for fiscal stimulus to compliment the Fed."

"Overall, her appointment would be seen as slightly dollar negative as more aggressive stimulus could cause treasury yields to rise. However, with the GOP likely to hold the Senate, there will be handcuffs on what the Biden administration can get pushed through."

KARL SCHAMOTTA, CHIEF MARKET STRATEGIST, CAMBRIDGE GLOBAL PAYMENTS, TORONTO

"Yellen's appointment augurs well for the global economy and financial markets - in bringing a consensus-driven and business friendly approach to the role, she is well-placed to negotiate a fraught political landscape and deliver more stimulus spending. This should weaken the threat environment and push investors further out along the risk curve - directing flows into higher risk currencies and away from the dollar. " (Compiled by the Finance & Markets Breaking News team)