Cripes. The Fed is heading for zero

[charlie]

Well, this is it, the last bullet in the chamber. Didn't work for the Japanese, probably won't do much for us.

The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.

...

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh.

In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, Minneapolis, and San Francisco. The Board also established interest rates on required and excess reserve balances of 1/4 percent.

http://www.federalreserve.gov/newsevents/press/monetary/20081216b.htm