For “research reasons” I’ve been going over the last few years’ Greenspan-helmed Federal Open Market Committee (FOMC) statements. Along the way I was reminded just how consistent the structure of FOMC statements are.
Matter of fact, they are so consistent that I was able to put together a grammar around FOMC statements. I then wrote a short script, sort of like “Greenspan in a box” in that it generates instant FOMC comments.
Here is a snippet from one statement that popped out a moment ago:
“The Committee continues to believe that an accomodative stance of monetary policy, coupled with baffling underlying growth in high-beta stocks, is providing career-boosting support to economic activity.”
No, I have no idea what it means either, but it tickled my fancy. If I get the time, I’ll put it on the website so others can play with it.