What are the best goals for the FED? Shout it lean toward restraint or toward expansion?

Policy advisors differ in their advice to the US Federal Reserve Board. Should the Fed be more concerned about inflation, or should it be more concerned about jobs and economic growth in the short run?

For a summary of these two sides go to:

The National Center for Policy Analysis for a description of the dangers of an expansionary monetary policy (“restraint is better”). http://www.ncpa.org/pd/economy/econ6.html

The Financial Markets Center for a description of the costs of a restrictive monetary policy (“expansion is better”). http://www.fmcenter.org/fmc_superpage.asp?ID=127
What are the weak points in the argument on each side?

Overall, which side makes the strongest case?