WASHINGTON -- President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy.

Obama tells The New York Times in an interview on the paper's website Saturday that he wants someone who won't just work abstractly to keep inflation in check and maintain stability in the markets. He says he wants the next Fed chairman to also promote policies that will help make ordinary people's lives better.

The president began a series of speeches this week promoting ideas for easing the burdens on the middle class.

Obama is considering replacements for Ben Bernanke, whose term as Fed chairman expires early next year.

Former Obama economic adviser Larry Summers and Janet Yellen, the Fed's current vice chair, are among the leading candidates for the job.

A senior White House official told The Associated Press on Friday that Obama was not expected to announce a replacement for Bernanke before the fall. The official was not authorized to speak by name about internal White House deliberations over personnel decisions.

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  • Myth: The Fed actually prints money.

    <a href="http://www.foxbusiness.com/industries/2012/08/17/chance-fed-printing-more-money-jumps-to-60/">People commonly say</a> that the Fed itself prints money. It's true that the Fed is in charge of the money supply. But technically, <a href="http://www.newyorkfed.org/aboutthefed/fedpoint/fed01.html">the Treasury Department prints money on the Fed's behalf</a>. Asking the Treasury Department to print cash isn't even necessary for the Fed <a href="http://www.huffingtonpost.com/2012/03/21/federal-reserve-profit-2011_n_1369354.html">to buy securities</a>.

  • Myth: The Federal Reserve is spending money wastefully.

    Both CNN anchor <a href="http://www.huffingtonpost.com/2012/08/31/cnn-erin-burnett-federal-reserve-stimulus_n_1848210.html" target="_hplink">Erin Burnett</a> and Republican vice presidential nominee <a href="http://thinkprogress.org/economy/2012/09/07/813011/paul-ryan-jobs-qe/" target="_hplink">Paul Ryan</a> have compared the Federal Reserve's quantitative easing to government spending. But <a href="http://www.huffingtonpost.com/2012/03/21/federal-reserve-profit-2011_n_1369354.html">the Federal Reserve actually has created new money</a> by expanding its balance sheet. <a href="http://www.huffingtonpost.com/2012/03/21/federal-reserve-profit-2011_n_1369354.html">The Fed earned a $77.4 billion profit</a> last year, most of which it gave to the U.S. government.

  • Myth: The Fed is causing hyperinflation.

    <a href="http://krugman.blogs.nytimes.com/2011/12/15/inflation-predictions/" target="_hplink">Some</a> <a href="http://www.businessinsider.com/niall-ferguson-has-been-wrong-on-economics-2012-8" target="_hplink">conservatives</a> <a href="http://www.businessinsider.com/ron-paul-is-putting-on-a-great-show-right-now-in-front-of-bernanke-2012-2">have claimed</a> that the Federal Reserve is causing hyperinflation. But inflation is actually at <a href="http://www.nytimes.com/2011/09/18/sunday-review/the-facts-on-the-fed.html" target="_hplink">historically low levels</a>, and there is no sign that is going to change. <a href="http://www.bls.gov/news.release/cpi.nr0.htm" target="_hplink">Core prices have risen</a> just 1.4 percent over the past year, according to the Labor Department -- below the Federal Reserve's <a href="http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.htm" target="_hplink">target of 2 percent</a>.

  • Myth: The amount of cash available has grown tremendously.

    <a href="http://www.nytimes.com/2011/02/10/business/economy/10fed.html?_r=1">Some Federal Reserve critics claim</a> that the Fed has devalued the U.S. dollar through a massive expansion of the amount of currency in circulation. But not only is inflation low; <a href="http://www.businessinsider.com/the-animated-gif-of-boy-throwing-money-out-of-the-window-is-not-a-metaphor-for-qe-2012-9">currency growth also has not really changed</a> since the Fed started its stimulus measures, as noted by Business Insider's Joe Weisenthal.

  • Myth: The gold standard would make prices more stable.

    <a href="http://www.businessinsider.com/ron-paul-is-putting-on-a-great-show-right-now-in-front-of-bernanke-2012-2">Rep. Ron Paul (R-Tex.) has claimed</a> that bringing back the gold standard would make prices more stable. But prices actually were much less stable under the gold standard than they are today, as <a href="http://www.theatlantic.com/business/archive/2012/08/why-the-gold-standard-is-the-worlds-worst-economic-idea-in-2-charts/261552/"><em>The Atlantic's</em> Matthew O'Brien</a> and <a href="http://www.businessinsider.com/why-conservatives-like-the-gold-standard-2012-8">Business Insider's Joe Weisenthal</a> have noted.

  • Myth: The Fed is causing food and gas prices to rise.

    <a href="http://www.huffingtonpost.com/2012/09/08/erin-burnett-federal-reserve_n_1866971.html">CNN anchor Erin Burnett claimed in September</a> that the Federal Reserve's stimulus measures have caused food and gas prices to rise. But many economists believe global supply and demand issues are influencing these prices, not Fed policy. And <a href="http://www.huffingtonpost.com/2012/09/08/erin-burnett-federal-reserve_n_1866971.html">there actually is no correlation between the Fed's stimulus measures and commodity prices</a>, according to some economists Paul Krugman and Dean Baker.

  • Myth: Quantitative easing has not helped job growth.

    <a href="http://www.forbes.com/sites/michaelpento/2012/05/01/why-higher-inflation-destroys-jobs/">Some Federal Reserve critics</a> claim that the Fed's stimulus measures have destroyed jobs. But <a href="http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.htm">the Fed's quantitative easing measures actually have saved or created more than 2 million jobs</a>, according to the Fed's economists. In addition, JPMorgan Chase chief economist Michael Feroli told Bloomberg last month that <a href="http://www.bloomberg.com/news/2012-09-10/bernanke-proves-like-no-other-fed-chairman-on-joblessness.html" target="_hplink">QE3 will provide at least a small benefit</a> to the economy.

  • Myth: Tying the U.S. dollar to commodities would solve everything.

    <a href="http://articles.nydailynews.com/2012-08-16/news/33236684_1_monetary-policy-inflation-currency-debasement">Rep. Paul Ryan (R-Wis.) has proposed</a> tying the value of the U.S. dollar to a basket of commodities, in an aim to promote price stability. But <a href="http://www.theatlantic.com/business/archive/2012/08/forget-paul-ryans-budget-his-scariest-idea-is-about-the-federal-reserve/261066/">this actually would cause prices to be much less stable</a> and hurt the U.S. economy overall, as <em>The Atlantic's</em> Matthew O'Brien has noted.

  • Myth: Ending the Fed would make the financial system more stable.

    <a href="http://www.amazon.com/End-Fed-Ron-Paul/dp/B004IEA4DM">Rep. Ron Paul (R-Tex.) claims</a> that ending the Federal Reserve and returning to the gold standard would make the U.S. financial system more stable. But <a href="http://www.bloomberg.com/video/should-the-u-s-return-to-the-gold-standard-wsDVrOKATTqyTaG5yBY1kQ.html">the U.S. economy actually experienced longer and more frequent financial crises and recessions</a> during the 19th century, when the U.S. was using the gold standard and did not have the Fed.

  • Myth: The Fed can't do anything else to help job growth.

    <a href="http://www.nytimes.com/2011/07/31/business/economy/whats-with-all-the-bernanke-bashing.html">Many</a> <a href="http://www.guardian.co.uk/business/economics-blog/2012/jun/27/federal-reserve-runs-out-of-options">commentators</a> have claimed that there simply aren't any tools left in the Fed's toolkit to be able to help job growth. But <a href="http://www.bloomberg.com/news/2012-07-09/fed-harms-itself-by-missing-goals-stevenson-and-wolfers.html">some economists</a> <a href="http://www.boston.com/bostonglobe/ideas/articles/2011/08/28/the_i_word/">have noted</a> that the Fed could target a higher inflation rate to stimulate job growth. <a href="http://economix.blogs.nytimes.com/2012/04/25/bernanke-on-what-the-fed-can-do/">The Fed, however, has ruled this option out</a> -- for now.

  • Myth: The Fed can't easily unwind all of this stimulus.

    <a href="http://www.salon.com/2012/09/01/ben_bernanke_speaks//">Some commentators</a> <a href="http://seekingalpha.com/article/161203-fed-unwinding-won-t-be-easy">have claimed</a> that the Fed can't safely unwind its quantitative easing measures. But the Fed's program involves buying some of the most heavily traded and owned securities in the world, Treasury and government-backed mortgage bonds. The Fed will likely have little problem finding buyers for these securities, all of which will eventually expire even if the Fed does nothing. But <a href="http://economistsview.typepad.com/timduy/2012/09/plosser-opposes-the-1933-37-expansion.html">economists have noted</a> that once the Fed decides it's time to unwind the stimulus, the economy will have improved to such an extent that this won't be an issue.