Between 1993 and 1994, Greenspan once again reined in monetary policy, only to be surprised by the impact that small amounts of tightening could have on the prices of long-term assets and companies’ borrowing costs. Fortunately, he was willing to reverse his decision and cut the tightening cycle short (over the protests of many on the policy-setting Federal Open Markets Committee) – a move that prevented the US economy from slipping back into recession.
1993—1994年，格林斯潘再一次勒紧货币政策，结果人们惊讶地发现，小规模紧缩可以给长期资产价格和公司借贷成本带来如此大的影响。幸运的是，他愿意推翻自己的决定，立刻中止紧缩周期（在诸多负责制定政策的美联储公开市场委员会委员的抗议下）——这一举动防止了美国重新滑入衰退。