In case you missed it last week, the Federal Reserve released full transcripts of its 2006 Federal Open Market Committee (FOMC) meetings. Unlike the FOMC minutes, the transcripts captured the raw unedited discussion between the meetings’ participants.
Sounds dreadfully boring, right?
Actually, we learned that the meetings had their fair share of light-hearted moments. Richard Fisher likened the coverage of the housing market to Brad Pitt’s baby. Fisher also called Bill Gross an “odd ball” and ask that the comment be “struck from the record.” Fred Mishkin said Monetary Policy reports was “sex made boring.” And Randy Krozner made a bad joke about economic going from being schizophrenic to being on it’s “death bed.”
It seems FOMC meetings got funnier as the credit and housing bubbles inflated. But there is some notable volatility.
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