In those earlier cycles, it was common for the Board to move interest rates multiple times, then wait for a while to assess the pulse of the economy, and move again if the situation warranted doing so. So, it is a return to that world.
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.