Fed returns to Greenspan's risk management doctrine

For long-time Fed watchers, Chair Jerome Powell’s press conference this week was a return to the glory days of Alan Greenspan during the 1990s and 2000s, when “the Maestro” first adopted a risk management framework for monetary policy. Given that the FOMC’s new economic projections didn’t seem to warrant lower interest rates, however, Powell’s only choice was to describe the decision to loosen policy as a “risk management cut”.