THE NEW FED.

The article argues that U.S. Federal Reserve Board chairman Ben S. Bernanke will preside over a diminished central bank. Bernanke will succeed chairman Alan Greenspan. Global interest rates follow the lead of the Federal Reserve. The U.S. is dependent on foreign investors to fund its trade deficit, so the Federal Reserve will not have as much clout in international financial flows. The article discusses monetary policy decisions that Bernanke will face. INSETS: DOWN FROM MOUNT OLYMPUS;THE BUZZ ABOUT BERNANKE.