The Fed's hard man displays his soft centre

HAS Mr Alan Greenspan, the dour central banker who scolded the financial markets for "irrational exuberance", finally fallen under a romantic spell? Aged 70, he proposed to his loved one this Christmas morning.

But the chairman of the US Federal Reserve - the US's central bank one of the world's most powerful financial figures, did not in fact act rashly. His intended, 50 year old TV reporter.

Ms Andrea Mitchell, has been his partner at glittering Washington social events for a dozen years. She said their first date had been on December 28th, 1984.

And the dour Mr Greenspan, the man who knows it is always "the economy, stupid", is clearly used to getting his own way his opening question to Ms Mitchell was: "Do you want a big wedding or a small wedding?"

Announcing the impending nuptials - likely to be in New York in the spring - the difference between the central banker and the journalist, both divorcees, was stark. "We have a huge amount in common. We are a great match," said the groom to be, in a more low key statement than most corporate mergers.

Given that a few words from Mr Greenspan can send markets across the globe into a tail spin, as he proved three weeks ago, it was not surprising that Ms Mitchell was more festive: "It's really exciting, isn't it? Here I am, a hard boiled reporter and I've got butterflies!"

Not, however, over a sparkling, new ring. Mr Greenspan, the trained economist, had displayed remarkably long term thinking by buying his girlfriend a gold, ruby and diamond offering for her birthday in October, which will also serve as an engagement ring. "It's the one I love and cherish," said Ms Mitchell.

On the financial markets, analysts were hoping that Mr Greenspan would keep his eye on the ball. "We are just hoping they don't plan the honeymoon for the next Federal Reserve meeting,"

Mr Chris Low, of New York based HSBC Markets, said. "We don't want a palace coup.

Otherwise, might Mr Green span be a little softer on the economic pedals? "He could see things through rosier glasses for a while," said Mr Low the honeymoon effect.

Most of all, financiers hoped it would help him to loosen up a little. "Maybe, just maybe, we'll, get a smile out of him next time he testifies before the Senate," said Mr Low.