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As Meeting Approaches, Fed Panel Is Divided on Direction

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.
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 [cnbc explains] “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.


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