"In the field of monetary and credit policy, precautionary action to prevent inflationary excesses is bound to have some onerous effects— if it did not, it would be ineffective and futile. Those who have the task of making such policy don’t expect you to applaud. The Federal Reserve, as one writer put it after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.” William McChesney Martin, Speech to Investment Bankers Association of New York, October 1955 Ein Prosit, Ein Prosit, Der Gemütlichkeit Ein Prosit, Ein Prosit, Der Gemütlichkeit Eins, zwei, Drei g'suffa! Zicke, zacke, zicke, zacke, hoi, hoi, hoi, Zicke, zacke, zicke, zacke, hoi, hoi, hoi, Prosit! Jerome Powell, FOMC Press Conference, March 3, 2020
