DislikedRegardless of what you may think of him, Alan Greenspan is one of the most thorough econometricians (?) in the world, and even more importantly, markets listen and adjust according to his analysis. That's not to say that he can never be wrong or that he doesn't perhaps have an agenda, but to dismiss his analysis outright doesn't seem appropriate.Ignored
Press spotted him going into Fed's building for the FOMC meeting and closed up in his hands.
If the briefcase was thin and looking light, the market assumed he was not worried and therefore there wouldn't be any important event, let go rate hike.
But if he showed up with a fat, heavy, maybe 2 briefcases, the panic was generalized well before he was able to reach the door.