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Then, just in case I might think that he is tempted to slack off at the age of 87, he stresses that “I do play tennis twice a week – but my golf game is in the soup.

I haven’t had time to get out.” Or, it seems, daydream on a beach.

Such was his apparent mastery over markets – and success in delivering stable growth and low inflation – that Bob Woodward, the Washington pundit, famously described him as a “maestro”.“Before [2007] I was embarrassed by the adulation – they made me a rock star,” he says.“But I knew then that I was being praised for something I didn’t really do.“The Fed model was as advanced as you could possibly get it,” he recalls.

“All the new concepts with every theoretical advance was embodied in that model – rational expectations, monetarism, all sorts of sophisticated means of thinking about how the economy worked.Or was it possible that a former “maestro” of free markets could change his mind about how the world worked?