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Dissecting the Mind of the Fed

"No doubt, some of this richer hawk-dove debate is occurring behind closed doors at the Fed and in Jackson Hole. But the public conversation still matters. It affects nothing less than the Fed’s credibility. Mr. Bernanke knows that if he errs on the side of passivity — worrying more about inflation risks than unemployment — he risks only a modest flogging from colleagues and politicians. If he leans the other way, he risks being accused of, well, treason."