Two sharply contrasting visions of the future of the Federal Reserve have been thrown into sharp relief by Ben Bernanke's confirmation hearings in the US Senate.
One of them will emerge triumphant from a protracted legislative battle on Capitol Hill, with big consequences for the way the world's most powerful central bank does business.
The first is the Bernanke/Geithner model, advocated by the Fed chairman and his former colleague Tim Geithner, Treasury secretary. Call it the “broad Fed”.
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