So President Barack Obama has offered Ben Bernanke a second term as chief of the Federal Reserve, the US central bank.

Krishna Guha, the FT’s US Economics Editor, has pointed out that economists, investors and fellow central bankers overwhelmingly favour the Fed chairman’s reappointment. Francesco Guerrera, the FT’s US Finance and Business Editor, says the same is true of Wall Street bankers. Stephen Roach, however, writing for the Financial Times, makes the case against Bernanke.

The chairman of Morgan Stanley Asia likens the decision to a doctor who has been guilty of malpractice being given credit for coming up with a miracle cure. The Baseline Scenario, a US blog, asks which Bernanke will be reappointed.