Federal Reserve Chairman Ben Bernanke surprised some observers by ignoring interest rates and talking about global trade.
Federal Reserve chairman Ben Bernanke cautioned lawmakers yesterday to avoid the temptation to impose protectionist trade policies as the United States grapples with fierce competition from globalization. [More]His remarks are in stark contrast to the gloating in some parts of agriculture over the failure of the Doha Round.
I think his remarks are significant. The Fed carries mucho weight with lawmakers, since interest rates could retard growth and worsen deficits enough to prompt actual fiscal restraint.
OK - that may be wishful thinking, but it could happen. All I know is everytime I get into a scuffle with the Fed, they win.