When the Federal Reserve’s policymaking
committee meets on Tuesday and Wednesday, five of the 10 voting members
will arrive in open disagreement with the chairman, Ben S. Bernanke,
about the direction of monetary policy. Three conservative members say
the Fed has already done too much. Two liberals say the Fed needs to do
much more.
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CNBC.com
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But
it is still the chairman who determines whether the central bank should
expand its campaign to stimulate growth for the third time since
August, and lately Mr. Bernanke has been focused on an old theme:
communicating the benefits of existing policies in order to increase
their impact.
The Fed “continues to explore ways to further increase
transparency about its forecasts and policy plans,” Mr. Bernanke said in
a mid-October speech in Boston. Later he described improved
communication as perhaps the main lesson that makers of monetary policy
should take from the financial crisis.