Jon Hilsenrath at the WSJ has been THE mouthpiece for Bernanke for the past few months. Bernanke has been telling him what is on his mind and Jon prints it. That the debate on monetary policy is being conducted like this has been one of the big mistakes at the Fed this fall. Today Hilsenrath has leaked more of the maestros thinking. This time it is a big shocker to me. Bernanke has apparently heard all of the opposition to his mega QE-2 plan, and he has changed the scope of QE-2 as a result. From the Journal today:
The central bank is likely to unveil a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months.
http://www.zerohedge.com/article/bernanke-tap-lightly-0#comment-680624
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