On FT Alphaville, recalibration appears here in an article entitled "How U.S. institutions are recalibrating strategies".
Recalibration is a second fine tuning of a measurement standard. That is, as far as I can tell. It is a word often used, but seldom pinned down in meaning. In fact, it is not a word at all according to my very large compact edition of the Oxford English Dictionary.
The current usage of recalibration implies an adjustment of expectations rather than the second fine-tuning of a measuring standard. In other words, it is asking for a change in reality, with the measured results looking more "realistic" against the new background. This usage generously hovers close to the original non-definition, invoking a sense of accuracy.
Accuracy lies at the crux of the recalibration usage mania. With murky times, we want sharp glasses. Accuracy is satisfying in these times. Recalibration gives us a sense of accuracy and control. It is the proverbial rose-tinted glasses, but, for a more precise type. Like an accountant.
There-in lies the appeal of recalibration. It is much like a change in accounting standards. It makes things look better.
Yes. If our expectations are recalibrated, it can all run rather smoothly again. The new accuracy is gaining momentum.