At a recent Washington press conference, a journalist quizzed the Federal Reserve chairman on the US central bank’s exit from its current, unprecedented, monetary policy stance. As you would expect, Ben Bernanke gave away little, but he did make it clear that he felt he was not the only person who could manage that exit.
There is indeed a credible field of candidates emerging, should Mr Bernanke choose to step down as expected in January. One thing is clear already: whoever they turn out to be, the chairman – or chairwoman – of the Fed over the coming years will be judged, above all else, on how successfully they manage to steer monetary policy back to something resembling normality. Read more