Back to Alan Greenspan
The Return of Market-Driven Central Banking
The Federal Reserve
The Federal Reserve left interest rates unchanged this week. On the surface, there was nothing particularly surprising about the decision itself. The real surprise came during Chairman Kevin Warsh’s press conference. While markets focused on whether the Fed would cut rates later this year, Warsh may have delivered a much more important message: the Federal Reserve appears to be moving away from the post-2008 framework that has dominated financial markets for nearly two decades and returning to a philosophy that resembles the Greenspan era.
