Mooted Fed policy shift presents dangers

federal reserve

The worst snow on the eastern seaboard on record could not stop the Federal Reserve making one of the most dramatic announcements yet about how it plans to unwind its extraordinary crisis-fighting response.

Despite being unable to attend a Congressional hearing, Ben Bernanke, the chairman of the Fed, in written testimony revealed the central bank could temporarily abandon its benchmark interest rate, the federal funds target, for the interest it pays on reserves parked in its coffers.

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