So it looks like Ben Bernanke will probably be our next Fed Chairman. Bernanke has received his share of press regarding his interest in having the Fed explicitly target inflation rates (instead of simply a target of price stability). There is an excellent interview with Mr. Bernanke on the Federal Reserve Bank of Minneapolis website that looks at his views on many aspects of today's global economy, as well as his perception of prior economic events, including the great depression. One of the things Wall Street is likely to cheer loudest about Mr. Bernanke is that he is a big believer in increased transparency at the Fed.

In one of my earlier speeches I suggested that the FOMC release more information (for example, for longer forecast horizons) about our view of the state of the economy, with the purpose of trying to help the public and the markets better understand what our perspective is and what policy is likely to be doing in the future. That's the kind of transparency I think would be most useful.

As the say, read it all.