BARACK OBAMA will soon make one of the biggest economic decisions of his presidency: who should replace Ben Bernanke as chairman of the Federal Reserve. Since America’s monetary decisions reverberate far beyond its borders, the world has an interest in having the best person in that job.

The good news is that, for all the political circus that has surrounded the decision, Mr Obama is choosing from excellent candidates. The two leading contenders—Larry Summers, a former treasury secretary and presidential adviser, and Janet Yellen, the Fed’s current vice-chairman—are both top-notch economists with years of relevant experience (see article). Mr Obama is said to be leaning towards Mr Summers. This newspaper would (narrowly) plump for Ms Yellen. Although Mr Summers is cleverer, she is better suited to this job now.

Two doves

For decades the art of monetary policy has been to control inflation and counter recessions by pushing short-term interest rates up or down. Now weak growth, not inflation, is the biggest challenge, and the Fed has to rely on less tested and more controversial tools, such as bond-buying. The next chairman will need the judgment to navigate this new world and persuade financial markets (and sceptical politicians) that the central bank knows what it is doing.

Both Ms Yellen and Mr Summers are “doves”, rightly worrying more about economic weakness than any threat from inflation, but it is clearer how Ms Yellen would go about putting her views into practice. As the Fed’s vice-chairman she has pushed the current set of unconventional policies, from bond-buying to “forward guidance”. Under her leadership the central bank would influence market expectations with even more detail around its future plans. Her public demeanour would be much like Mr Bernanke’s: technocratic and based on meticulous command of the data. Her cautious, consensus-building approach would minimise surprises (and financial-market volatility) as the current chairman has.