The next chief of the Federal Reserve will decide when to
reverse the easy-money policies of Ben Bernanke, a judgment that could strangle
the economic recovery if made too early or trigger runaway inflation if made
too late.
The task could fall to Fed vice-chairwoman Janet Yellen, a
top contender for the job, (assuming Mr. Bernanke steps down when his term ends
in January), and a meticulous and demanding Yale-trained economist, who issued
prescient, early warnings about the housing bust. After the financial crisis,
she helped focus the Fed on jobless Americans, with policies aimed at
stimulating the economy at least until unemployment falls to 6.5%....
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