At the Novmeber 2001 meeting then-NY Fed President William McDonough was transparent about his zoologically-themed methodology for determining the cost of credit:

"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. 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! And that convinced me even more that the 50 basis point move was appropriate."