Translation: It’s Talk Like a Pirate Day at the Federal Reserve.
Would you believe that today is International Talk Like A Pirate Day? You can read about it in Wikipedia and see it in action at pirate.oodle.com.
Using the trusty English-to-Pirate translator, I’ve translated yesterday’s Federal Open Market Committee statement into pirate speak.
What a waste of time…
The Federal Open Market Committee decided today t’ lower its target fer th’ federal funds rate 50 basis points t’ 4-3/4 percent.
Economic growth be moderate durin’ th’ first half o’ th’ voyage, but th’ tightenin’ o’ credit conditions has th’ potential t’ intensify th’ housin’ correction an’ t’ restrain economic growth more generally. Today’s action be intended t’ help forestall some o’ th’ adverse effects on th’ broader economy that might otherwise arise from th’ disruptions in financial markets an’ t’ promote moderate growth o’er time.
Readings on core inflation be havin’ improved modestly this voyage. However, th’ Committee judges that some inflation risks remain, an’ ‘t will continue t’ monitor inflation developments carefully.
Developments in financial markets since th’ Committee’s last regular meetin’ be havin’ increased th’ uncertainty surroundin’ th’ economic outlook. Th’ Committee will continue t’ assess th’ effects o’ these an’ other developments on economic prospects an’ will act as needed t’ foster price stability an’ sustainable economic growth.
Votin’ fer th’ FOMC monetary policy action be: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; William Poole; Eric Rosengren; an’ Kevin M. Warsh.
In a related action, th’ Board o’ Governors unanimously approved a 50-basis-point decrease in th’ discount rate t’ 5-1/4 percent. In takin’ this action, th’ Board approved th’ requests submitted by th’ Boards o’ Directors o’ th’ Federal Reserve Banks o’ Boston, New York, Cleveland, St. Louis, Minneapolis, Kansas City, an’ San Francisco.
