Inflation targeting on the way
MARKET VOICE
Ben Bernanke has been nominated to replace Fed Governor Alan Greenspan when his term ends on January 31, 2006. We do not expect him to be opposed, so this looks like a done deal. Most important is Bernanke’s strong preference for inflation targeting, suggesting a potential shift to an official inflation target within the next 12 to 18 months.
Although Bernanke talked up deflation risks in the past, we believe market fears that he will be ‘easy’ on fighting inflation are misguided. Bernanke’s
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