Ben Bernanke is likely to use next week's testimony to Congress to explain how the Federal Reserve intends to manage the exit from unconventional easing, in the hope this will reduce fears that its policies will end in a bout of inflation.

Mr Bernanke's testimony is likely to separate the "how" of exit policy from the "when". Policymakers believe many outsiders worry too much about the large amount of reserves created in the course of Fed "credit easing" - which they believe will not prevent them from raising rates from nearly zero when they need to.