The new man at the helm of the US economy
Fed chairman Ben Bernanke's maiden testimony in February reassured the bond markets with soothing tones of continuity with the Greenspan era. But with question marks still hanging over his inflation policy, and how much of an impact his personal style of chairmanship will have, Dalia Fahmy assesses how his tenure is likely to affect the credit markets
It took a while for the bond markets to warm up to Ben Bernanke. When President George W. Bush announced in October he had appointed the 53-year-old chairman of the White House Council of Economic Advisers and former Federal Reserve board governor to replace Alan Greenspan, 10-year Treasury yields jumped six basis points. Market observers blamed Bernanke's allegedly loose stance on monetary policy, his weaker charisma compared with Greenspan, and his lack of experience in the 'real world'
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