November of 2002. They were supposed to go to QE back then, but they got as low as 1% of the funds rate and then actually we had a massive housing bubble in our hands. The QE started seven years later. Then he did not just one round, two rounds of QE, three rounds of QE, operation twist. They're going to try everything. They'll try negative rates. If it doesn't work, they'll try something else. They'll do more QE. The Fed is increasingly becoming politicized. Maybe the charter will change to help them to buy more assets than just tripping more. That's the question, right? Because the real problem- Just like the ECB. The Fed is going to be very aggressive. As I said before, think proportionally how more aggressive they've had to be. Think outside the box as to what they're going to be doing. Lyle Brainard, who's one of the senior governors on the Fed, gave a speech a couple of months ago where she talked about targeting yields out the curve. Never mind just taking short-term rates down (49/57)
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