Amid pushback from a handful of Democrats over his possible nomination, former U.S. Treasury Secretary Lawrence Summers has withdrawn his name from consideration to replace Ben Bernanke as chairman of the Federal Reserve. In a letter to President Obama, Summers said he felt the possible confirmation process would have been too “acrimonious.” Summers has also faced criticism from women’s groups stemming from comments he made in 2005 about the ability of women to succeed in math and science. His response to the 2008 financial crisis has also been criticized by some on Capitol Hill.

And international markets are responding in a big way to the news. Global stocks are near five year highs and bond yields across Europe and Asia have fallen. The BBC’s Andrew Walker joins Marketplace Morning Report host David Brancaccio to discuss.