If confirmed by the Senate, Janet Yellen is set to become the first person to have led the Council of Economic Advisers, the Federal Reserve, and, last but not least, serve as Treasury secretary — she will also be the first woman to do the two latter jobs. And with the news of Joe Biden’s Treasury selection, markets breathed a massive sigh of relief, with the Dow peaking to session highs.

With good reason. Despite her more quiet campaign than, say, Stacey Abrams, Elizabeth Warren had been lobbying heavily for the job, and just as the news of Biden tapping Tony Blinken for secretary of state spurred satisfaction from the center, the choice of Yellen signals that the Biden administration will not be pursuing policy as though money grows unfettered on trees.