The right message

10 October 2013 By Edward Hadas

The next head of the U.S. central bank says more needs to be done to strengthen the recovery. Fine, but the Fed can’t work magic. There are times when monetary policy creates jobs. It’s doubtful this is one of them. The Fed’s regulatory remit deserves more urgent attention.

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On Oct. 9, President Barack Obama nominated Janet Yellen, currently vice chair of the Federal Reserve, to succeed Ben Bernanke as the central bank’s chairman. In her public speech, she said: “While we have made progress, we have farther to go. The mandate of the Federal Reserve is to serve all the American people, and too many Americans still can’t find a job and worry how they will pay their bills and provide for their families. The Federal Reserve can help, if it does its job effectively. We can help ensure that everyone has the opportunity to work hard and build a better life.”

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