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Bernanke changes direction

Those who have been following the argument here on the Reserve Banks role in promoting employment as opposed to keeping inflation as its main target will be interested in this article from the New York Times today on the change of heart within the Federal Reserve. 

This constitutes almost heresy for those who maintain that the 'hands-off' is sacrosanct, and that keeping the spectre of inflation at bay is the primary task of the Reserve Bank Governor. The current change at the helm here with the departure of Bollard may indeed indicate a change of thinking at the top with the advent of an ex. World Bank executive Graeme Wheeler. He is coming from Washington DC where these new policies have evolved with the Obama appointee dominated Fed. Res. Board.

Change may not happen overnight, but we could be seeing change on the way - this is one economic lever that for better or worse is totally out of the control of Stephen Joyce.  




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