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Ever since the 1970s, one of the key jobs of the US Federal Reserve has been to fight inflation. Now, it seems the Fed is embarking on a path to resurrect its old foe.
On Friday morning, at a conference on Fed policy in Boston, Fed chairman Ben Bernanke made the case that the US central bank needs to do more to boost the economy. For Fed watchers this was expected. Unemployment remains high and the US recovery seems to be slowing. Bernanke's plan is to use central bank funds to buy up long-term Treasuries and other bonds in an effort to drive interest rates down, and lower borrowing costs for consumers and companies. And Bernanke is indicating, as expected, that the Fed will most likely act on that plan when it meets again in early November.