Oct. 23 - Federal Reserve Chairman Ben Bernanke heads up a two-day policy setting meeting amid a news report he may not be willing to serve a third term. Conway G. Gittens reports.
The power player today is U.S. Federal Reserve Chairman Ben Bernanke. Here he is, arriving at the Fed's headquarters in Washington Tuesday morning for the beginning of a two-day meeting of the Federal Open Market Committee. Policymakers are expected to keep the status quo of the current program of near zero interest rates and bond purchases. There may be two major reasons for that: First, the Fed is still assessing its actions on the economy. Second, with the presidential race coming to an end, the Fed most likely wants to wait and see who is going to reside at the White House for the next four years. Bernanke has told close friends that he is unlikely to serve a third term as chairman if President Obama is re-elected, according to the New York Times. Republican presidential nominee Mitt Romney has already said if he's elected Bernanke won't keep his job. Some economists, like John Dunham, will be happy to see the chairman go. SOUNDBITE: JOHN DUNHAM, MANAGING PARTNER, JOHN DUNHAM AND ASSOCIATES (ENGLISH) SAYING: "The amount of money that he has created, the bubble that he has created, is going to come back and hunt us in the next ten years." But Bernanke also has his fans, who say the Chairman helped prevent the second Great Depression.