# In an op-ed, chairman emeritus of NYU Stern's Board of Overseers Henry Kaufman examines the Fed's response to market volatility

1 School News July 21, 2014 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](http://www.ft.com/intl/cms/s/0/a6506402-10e8-11e4-b116-00144feabdc0.html#axzz38CFsgXZD) -- "Relying on cyclical patterns to judge economic and financial trends may not be as dependable as it once was because of the structural changes in financial markets. Compared with just a few decades ago, financial markets are huge, trading activity is huge and financial assets are highly concentrated in relatively few institutions that are deemed too big to fail."

[Read more](http://www.ft.com/intl/cms/s/0/a6506402-10e8-11e4-b116-00144feabdc0.html#axzz38CFsgXZD)