Henry Kaufman says the business cycle is dead

Henry Kaufman (remember him? Dr Doom of the 1970s?) wrote an oped in the FT yesterday, "Markets and the Fed have to practise a new dance," suggests that we might not see economic cycles in the future, but "selective intervention" by the Fed. I suppose he means, although does not explicitly say, that business cycles will be replaced by carefully modulated boom and bust cycles. Puzzling it is, both what he means and why he wrote this essay.

I wonder if we should welcome a replacement of normal market forces with Fed decision-making.