Barack Obama is poised to announce his key economic officials, and it seems there will be little cause for complaint. He has chosen not a team of rivals but a team of all the talents, and this is much to be welcomed.

Timothy Geithner, head of the New York Fed, is a sound pick as Treasury secretary, the most important position in the new administration, second only to the president himself. Working with Ben Bernanke, the Fed chief, Mr Geithner has had a close view of the financial crisis, and is highly regarded on all sides. His appointment took too long to announce, but it is good to know that he will not need to read himself in. He seems likely to be calm, pragmatic and politically inoffensive. Financial markets looked reassured when word of his appointment was given to the press, and were right to be.