The Fed Is Not a Clown Show

Even the most qualified chairman will have a tough time overcoming the significant divisions separating members of the Federal Reserve.

Janet Yellen has finally been nominated to serve as chairman of the Federal Reserve. That may make her the world's most powerful woman, although she will be only one member of a committee of independent-minded central bankers. The Wall Street Journal's thorough account of the Fed's internal debates this year reveals that the rest of this committee has significant influence.

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