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Commentary

Hawks and Doves (and Owls

William J. McDonough

Mon, November 05, 2001

I entered the weekend with a view that we ought to ease by 25 basis points and over the course of the weekend changed my opinion. Somewhat symbolically I have a pond behind my house in Westchester County and there are a lot of fish in the pond. Therefore, I have two hawks, and the hawks enjoy fishing in the pond. This is a true story, though what will follow is not true. [Laughter] This past weekend--now we get into mythology--one of the hawks miraculously turned into a beautiful white dove. I was very confused until I realized that what was even more miraculous was that the dove spoke with a southern accent! [Laughter] And that convinced me even more that the 50 basis point move was appropriate.

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