The risk in question comes from Janet Yellen’s stated desire to unwind US quantitative easing.
The consequences of this, much heralded and now anticipated, change in central bank behaviour will be dramatic, and almost certainly pretty ghastly.
Second, the dogma is that monetary policy is needed. We now know it isn’t. It is fiscal policy that has to be used to manage the real economy. The era of the dominant central banker is over. The trouble is that they yearn for the 1990s when they thought they ruled the universe. Now they don’t but dogmatically they do not want to let go.
Changes in monetary policy are hugely, vastly, important. Therefore we must not use monetary policy to manage the economy.