If only Mervyn had the time, the Bank could set the rates to rhyme

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The Independent Online

It is not exactly something you would expect from Mervyn King, nor indeed is it something you would find on most central banks' home pages. But Bob McTeer, the president and chief executive of the Federal Reserve Bank of Dallas - who was quoted extensively in the US last week on his opinions on the future of interest rates - has taken to publishing his poetry oeuvre on the Bank's website.

It is not exactly something you would expect from Mervyn King, nor indeed is it something you would find on most central banks' home pages. But Bob McTeer, the president and chief executive of the Federal Reserve Bank of Dallas - who was quoted extensively in the US last week on his opinions on the future of interest rates - has taken to publishing his poetry oeuvre on the Bank's website.

Under a section called "Rhymes with No Reason", Mr McTeer's writings include "My Very First Cowboy Poem Ever", "Sovereign Debt Regret" - a limerick presented at the conference Sovereign Debt in the 21st Century last year - "A Philistine in France", "Give Growth a Chance", "Close but no Cigar" and "A Macroeconomic Haiku", penned in 2003. This reads: "The economy/is recovering nicely/ but without new jobs."

His most recent work is "A Poem for Kathleen", which he recited in an interview with Kathleen Hayes of the CNN programme, Money Morning.

It reads: "It's good to be back in New York/The home of limousines, bond belles and econo-queens./Where things aren't quite what they seem,/ where the expected is expected earlier than expected,/where people are getting impatient with patience./But to get out of that maze, they tune in to Kathleen Hays."

As well as his poetry, the Bank's website also includes detailed biographical details of Mr McTeer, including a picture from 1949 of him standing outside his first home.

As well as being head of the Federal Reserve Bank of Dallas, Mr McTeer sits on the Federal Open Market Committee in Washington, which sets US interest rates. Mr McTeer has been quoted as saying that he writes poetry "for fun, way out on the fringes".

CLOSE BUT NO CIGAR

The recovery is now 2 years old,

And maybe it was oversold

Now we've made the discovery

That it's a jobless recovery.

It wins the silver, but not the gold.

Bob McTeer

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