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Fed Chairman-designate Ben Bernanke and inflation...(MONEY)
Kiplinger Letter, The, October, 2005
Fed Chairman-designate Ben Bernanke will be an inflation hawk...
Even more of one than current Chairman Alan Greenspan. Bernanke believes that stifling inflation should be the Fed's main task.
Bernanke's advocacy of an inflation target is a strong sign of his desire to emphasize the central bank's inflation-fighting mandate. Its other mission to keep employment at a high level will come second.
Adoption of a target isn't a sure thing, given skepticism among several Fed officials who think one would be too constraining. Even so, Bernanke's views on the issue will influence his approach.
A focus on inflation will make him slow to cut interest rates when economic shocks occur. Don't expect much help from the Fed if housing slows more...
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