Let’s see them figure this one out. (J. Scott Applewhite/AP)

The essence of all this complication is to avoid inflation risk, but it’s not at all clear that the Fed should be concerned about inflation at this time. In fact, Fed Chairman Ben Bernanke has stressed that he does not think there’s much of a risk at all. And a temporary increase in inflation — with an emphasis on the temporary part — could spur firms to increase consumption and investment, precisely what we need to spur the recovery...

The new policy under discussion at the Fed is an attempt to lean toward the dovish side — to do something to help the economy — without causing the inflation hawks to block the action.