People often wonder why such an august event is held in a vacation destination in the Grand Teton National Park. The consensus is that it is held there to provide a bit of fresh air to the beleaguered officers of the Federal Reserve Board. Apparently, Paul Voelker hated meetings but loved to fly fish. Fishing, hiking, and lavish dinners make the weekend a fun one for the participants. I wonder if they fly commercial or take private planes to get there.
The new chairman, in his opening speech, references the hiking trails and the hiking styles of various officers. This statement evoked the nervous laughter that appears when your boss makes a joke. "He made a joke!" and everybody giggles. He then went on to hint at future rate hikes. The stock market was not amused.
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