the rate is efeblively at zero, and cannot be lowered further. consequently, to provide needed support to the economic recovery and minimize deflation, reduce challenges. i'll discuss how to further inform the expectations about how the fomc will employ currency tools. it's plans regarding the short term interest rate and purchase of securities. as the economy weakened over 2008, the fomc repeatedly cut the short term policy rate the target ranged from 0 to 1/4%. thus using the standard means of further easing the policy, cutting the target interest rate was no longer possible the zero lower bound on the f1 c's policy interest rate was not the only challenge the committee faced. the depth of the reception combined with on going concerns about the functioning of the financial system raised significant uncertainties about both the likely pace of recovery and the effectiveness of monetary policy in supporting growth. the recoveries from most post world war ii u.s. recessions have been relatively rapid, with production and unemployment. the key varia