Many financial experts believe that policy makers at the Fed

[TooLong150]

Many financial experts believe that policy makers at the Federal Reserve, now viewing the economy as balanced between moderate growth and low inflation, are almost certain to leave interest rates unchanged for the foreseeable future.
A: Reserve, now viewing the economy as balanced between moderate growth and low inflation, are
B: Reserve, now viewing the economy to be balanced between that of moderate growth and low inflation and are
C: Reserve who, now viewing the economy as balanced between moderate growth and low inflation, are
D: Reserve, who now view the economy to be balanced between that of moderate growth and low inflation, will be
E: Reserve, which now views the economy to be balanced between moderate growth and low inflation, is

Source: GMAT Prep
OA: A

I have a question about choice D.
I know that it can be eliminated because of the incorrect idiom "view + to be" and the fact that "that of" doesn't refer to anything. However, I am not sure whether I can eliminate it on the basis of its use of "who". Does "who" in this case refer to "policy makers" since "at the Federal Reserve" seems to be a "mission critical" noun modifier (a "mission critical" noun modifier is a modifier that can't be moved to any other part of the sentence without breaking the meaning of the sentence) or does "who" refer to "Federal Reserve" since "Federal Reserve" comes right before "who"?

[RonPurewal]

Please search the forum. Verbal problems are very easy to find.
Don't start new threads for problems that are already here.

many-financial-experts-believe-that-policy-makers-t8474.html

Please read that thread, and post your question over there if it's not already answered.
Thanks.