I won't be surprised if at future meetings we see statements like this: Today the Fed has decided to set a target of .75% on the 2-year note; 1% on the 5-year bond; 1.75% on the 10-year; and 2.25% on the 30-year. Then the fed would have sorts of bullets... For example, the fed could cut the target on 30-year bonds 50 bps. All other targets remain the same. When the entire yield curve is flat at 0. Then and only then I will agree the Fed is out of bullets.