That can lead it to resist the interest-rate cuts which some are now urging on it.
This week's interest-rate cuts were sensible and even, in the case of Europe, overdue.
That might allow further interest-rate cuts, opening the prospect of more jobs for voters.
As commodity prices fall and growth slows, inflation should fall and interest-rate cuts should follow next year.
Wall Street, and some economists, applauded the interest-rate cuts, but not everyone thinks it was a good idea.
One explanation lies in the surge in house prices, where the Fed's interest-rate cuts have certainly worked their magic.
If sales do not respond soon to interest-rate cuts, some retailers may resort to deep discounts as Christmas approaches.
The prospect that the American economy might grow faster than expected thanks to interest-rate cuts has also fuelled concern.
The Fed's rapid interest-rate cuts have fostered an impression abroad that America's central bank does not care about the dollar.
Hans Tietmeyer, president of Germany's central bank, the Bundesbank, is standing by his view that unnecessary interest-rate cuts could be dangerous.
Looking ahead, the optimists point to further interest-rate cuts (perhaps another half point during the next few months) and a tax rebate.
That is why the Fed's measured pace of interest-rate cuts is prudent.
Further interest-rate cuts and heavier public spending on construction and defence, and possibly more tax cuts, should support the economy by next year.
The Fed's interest-rate cuts in response to August's turmoil thus represented an easing of policy at a time when many emerging economies were already booming.
Despite that fact, further interest-rate cuts are not off the table.
The glut of houses could undermine the effectiveness of interest-rate cuts.
If the government tries to stave off that adjustment by massive fiscal means, it might delay the further interest-rate cuts that financial markets expect in coming months.
In his speech in Frankfurt, Bernanke left the door open to new interest -rate cuts, saying the world's central banks stand ready to take more steps if necessary.
Which brings us back to the ECB, which rejected interest-rate cuts despite a sharp, counter-inflationary rise in the value of the euro against the dollar and the pound.
You might have thought that interest-rate cuts were the answer, until you saw the market response to the co-ordinated announcements from the Federal Reserve and others on October 8th.
Yet, although the full impact of the Fed's interest-rate cuts so far this year has still not been felt, looser monetary policy alone is unlikely to be enough to fend off recession.
One piece of good news this week is that following interest-rate cuts and the government's scrapping of tight restrictions on bank lending, total bank loans jumped by 19% in the 12 months to December, up from growth of 14% last summer.
However, the American economy has also had a helping hand from big interest-rate and tax cuts.
Despite three baby-step interest rate cuts, the Federal Reserve is as deflationary as ever.
All this despite a slew of government interventions this week, including synchronized 50-basis-point interest rate cuts by the Federal Reserve, the European Central Bank and several other central banks, including China's.
The British Bankers' Association said the interbank cost of borrowing overnight had fallen - a day after interest rate cuts and governments provided additional liquidity.
But some analysts said the summit was long on promises and short on action - as there was no clear pledge for co-ordinated tax and interest rate cuts.
The Item Club also says that the government's choices include sticking to the current inflation target of 2% - which could mean no more interest rate cuts for some time, and therefore lower economic growth.
Neither could interest rate cuts coax banks, which are currently re-evaluating risk and keeping a tight grasp on their balance sheet, to be more generous in their lending to house buyers.
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