The Fed's Power: The Long and the Short of It

[Verse] The market hums in quiet tones Economists with weary moans Midnight oil and burning phones Dreams of a stable zone [Verse 2] Central banks play puppet strings Dollar flies on phantom wings Beneath the surface turmoil sings Balance sheets and volatile things [Chorus] Short-run mastery over int'rest rates Short-run impotence over inflation Long-run mastery over inflation Long-run impotence over the real rate [Verse 3] Data points like starlight show Predicting highs predicting lows Traders dance in risk and woe Graphs and charts forever grow [Verse 4] Whispers in financial halls Echo through the policy walls Decisions like a game of dolls Where’s the catch when the curtain falls [Chorus] Short-run mastery over int'rest rates Short-run impotence over inflation Long-run mastery over inflation Long-run impotence over the real rate