“The Federal Reserve chairman, Ben S. Bernanke, on Wednesday conducted the first scheduled press conference in the central bank’s history, sitting behind a mahogany desk as cameras clicked and flashed. Mr. Bernanke explained his management of the economy in the calm, patient and serious manner of the college professor that he used to be. …. Mr. Bernanke’s message Wednesday was that the Fed was doing all it could to spur growth and increase employment without causing inflation to rise. He said that inflation must take precedence over employment because inflation would result in job losses.” (New York Times)
Not long ago he said inflation was too low.
FEE Timely Classic
“Financial Crises and the Federal Reserve’s Punch Bowl” by Chidem Kurdas