Victory for the Democrats in this month’s congressional elections could slow Ben Bernanke’s drive to lead the Federal Reserve towards adopting a numerical inflation target, leading Fed watchers say.

With the new Democratic majority seen as more likely to react adversely to a decision to adopt an inflation target than its Republican predecessor, the Fed chairman is expected to tread even more carefully than before in building support for any such move. Larry Meyer, a former Fed governor, says Mr Bernanke and his colleagues are paying attention to the change in the political environment. “It has certainly gotten their attention.”