(Richmond Fed President Jeffrey Lacker turns to Monty Python for humor.)
MR. LACKER: Thank you, Mr. Chairman. It's been some time since I immediately followed in the go-round my friend and colleague from Boston. I'm tempted to lead off by quoting Monty Python: "And now for something completely different." [Laughter]
(After the St. Louis Cardinals beat the Texas Rangers in the 2011 World Series, Dallas Fed President Richard Fisher pays off his bet with St. Louis Fed President James Bullard.)
MR. FISHER: Unlike some operators on Wall Street, we at the Federal Open Market Committee do pay our debts in full. [Laughter] I have a debt that I need to pay back to the gentleman on my left. [Laughter] I am tempted to claw his eyes out and scratch his legs during the meeting, but instead, being honorable, this is the bet. [Laughter]
MR. BULLARD: Let the record show --
MR. FISHER: This is beer. This is the elixir of working men and women, and I never resist giving some facts. Beer is the third-most consumed liquid product in the world after water and beer. It goes back to at least the Neolithic Period, 9,500 B.C. There was a goddess of beer that the Sumerians have called Ninkasi. And there is a famous prayer that is called "The Hymn to Ninkasi." I evoked it so many times during the sixth game, but I found out that Ninkasi, whoever she was, gave way to the god of Bud. There it is, Shiner Bock, the best of Texas beers. I would have brought you a Lone Star, but real men and women don't drink light beer. [Laughter]
Mr. Chairman, thank you for giving us this opportunity. I won't tell you how I snuck it into this room. I never want to go through that security procedure again. [Laughter] But you won, congratulations.
(St. Louis Fed President James Bullard on his winnings.)
MR. BULLARD: Thank you, Mr. Chairman. I apologize if I'm not completely coherent here. I've been enjoying some of the fruits of the Cardinal victory. [Laughter]
(San Francisco Fed President John Williams compares the European economy to the Grinch.)
MR. WILLIAMS: While the recent U.S. data have brought us some holiday cheer, I'm afraid that Europe is playing the role of the Grinch who stole Christmas. [Laughter] The euro area is tumbling again into recession, and the European debt crisis lurches on.
(The FOMC participants take a break for some cake and laughs for Chairman Ben Bernanke's birthday.)
MR. LACKER: Mr. Chairman, you deserve a better birthday than you've had so far. [Laughter] And in an attempt to contribute --
MR. TARULLO: We're going to have cake.
MR. LACKER: -- to that end,I would like to suggest that the Federal Open Market Committee, both members and participants [laughter], not to mention the accompanying staff, sing you "Happy Birthday." With your pleasure. Shall be begin? [Singing and applause]
CHAIRMAN BERNANKE: Thank you very much.
NEW YORK FED PRESIDENT WILLIAM DUDLEY. Little split between the hawks and doves there. [Laughter]
CHAIRMAN BERNANKE: We recorded there were only four dissents. [Laughter]
Write to Shayndi Raice at firstname.lastname@example.org
(END) Dow Jones Newswires
January 12, 2017 15:14 ET (20:14 GMT)
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