The pre-Treasury Accord period also serves as an example of rather direct guidance.8 Neither is the scope nor size of the monetary policy adjustment unprecedented. It all depends on how you measure it.
That is, market liquidity is structurally lower now than it was in the past. The lower liquidity is not evident in a rising market when assets are being bought, but will quickly become apparent in a down market as investors try to exit their positions. It is true that there is not as much market-making capacity as prior to the crisis.