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Bernanke Tries To Manage Expectations Of Fed Role

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Federal Reserve officials and economists appear increasingly united in their view that the partisan gridlock on fiscal policy in Washington has clouded the prospects for a faster and stronger recovery.

The Fed chairman, Ben S. Bernanke, who has assiduously avoided taking sides in fiscal debates, said on Friday that the central bank stood ready to use a variety of tools to forestall deflation, a broad decline in prices. But he made it clear that the Fed could not simply conjure up a recovery by manipulating interest rates and the money supply.

Read the whole story at New York Times

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