It was the night before Christmas
And all the stock markets were closed
Fund managers finally got to rest
And the Traders gently dozed
No more economic forecasts to be made
No more commentaries to write
For all the world’s financial folk
It was a truly silent night
But off in the distance you could hear music
The beats were pounding loud and clear
For all the Governors were gathering
For the Central Bankers’ night of the year!
That one night when Central Bankers get together
For a huge feast of craic and celebration
When they can forget all their usual worries
Like systemic risks and sticky inflation
All the Governors came from around the world
They battled through sleet and through snow
Determined to have the night of their lives
While still keeping interest rates low
It was Jay Powell who got the ball rolling
He decided to start with a song
He said I might just go straight to the chorus
‘Cause I may not be around for that long
There was food and snacks from around the world
Tapas and treats guaranteed to appetize
Lagarde had brought Coquilles St Jacques
Philip Lane had brought Bacon Fries
Christine also brought sumptuous escargot
Ueda-san brought sushi and sole
Andrew Bailey felt a bit out of things
With his spotted dick and his toad in the hole.
Now at a table for former governors
Downing shots of Jagermeister and Sambuca
Greenspan held on tight to his punchbowl
While Draghi played with his big bazooka
Well the liquidity taps were now fully on
And I don’t mean M1 or M2
There was Stella, Heineken, Asahi and Peroni
Not to mention Carlsberg Special Brew.
Every Governor had their favourite tipple
Jay Powell had Bourbon 80 percent proof
Lagarde slowly sipped Dom Perignon
A crate of Guinness for Gabriel Makhlouf
Well the food and drink were flowing
And the bar tab started to soar
They wondered have we the money to afford this
If not we can always print more
But it was getting quite chaotic
There was no hint of a seating plan
And the governor from the Bank of China
Was sat with Ueda from the Bank of Japan
Well the night descended into mayhem
The food and drink had taken its toll
And just like financial asset inflation
The party was out of control
But all too soon it was time to go home
Back to their desks and their economic projections
For the Governors, like next year’s interest rates,
Were all headed in different directions
Tradewinds 