Given his bleakening prospects, Lawrence Summers did the right thing in withdrawing from the contest to be the next chair of the Federal Reserve. It would have been an ugly fight that he might well have lost. Even had the Senate confirmed him, the process would have damaged confidence in the future of the Fed.

Mr Summers showed grace to bow out before things got unmanageable. Alas, that spectre now dogs Barack Obama’s presidency. This week the Fed is likely to begin tapering its $85bn a month in quantitative easing – a key moment in the cycle. Whomever Mr Obama selects to replace Ben Bernanke, it is vital he avoids further disruptions.

Whether it is Janet Yellen, the current Fed vice-chair, or someone else, the White House also needs to act quickly. Confirmations can drag on for months and Mr Bernanke’s term expires at the end of January.