One of the things that the transcripts of the Federal Open Market Committee meetings reveal is that there are moments of real levity inside the board room of the central bank. Quite often these are marked in the transcript by the appearance of the word "[Laughter.]"
My personal favorite from the just released 2007 transcripts is the following exchange, in which Cathy Minehan of the Boston Fed debates with Philadelpha Fed head Charles Plosser about the fashion choices of Vincent Reinhart, economist and secretary for the FOMC.
CHAIRMAN BERNANKE. Vincent.
MR. REINHART. Thank you, Mr. Chairman.
MS. MINEHAN. How nice you look today!
MR. REINHART. Thank you. That will be noted in the transcript. [Laughter]
MR. PLOSSER. I liked his red vest better.
MR. REINHART. That won't be noted in the transcript. [Laughter]
Despite that remark, however, it was noted.
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