Kevin Warsh’s recent US interest rate hike mirrors Alan Greenspan’s 1997 "one-and-done" move. Despite market expectations for more, the article argues against an automatic series of increases, highlighting similar economic conditions. Both faced inflation challenges requiring subtle adjustments, navigated technological shifts (AI for Warsh, internet for Greenspan), and dealt with uncertainty about the 'neutral rate'. The author suggests Warsh's action safeguards Fed credibility and offers "cheap optionality." Like Greenspan, who also benefited from luck, Warsh might find this single hike sufficient, potentially being near his policy goal. This nuanced strategy provides flexibility for future decisions.