For example, although equity markets were quite volatile at times, trading was generally not impaired, and investors were able to buy and sell stocks at market-prevailing prices, even at the times of greatest turbulence. The markets for longer-term Treasury securities and investment-grade corporate bonds generally continued to function well, albeit at new market-clearing prices.
Here, befitting an audience of business leaders and economists, I am thinking of economic policy and, in particular, monetary policy in market-based economies. 2 As recently as several months ago, some may have been tempted to believe that, in the realm of economic policy, we were on the precipice of the end of history.