The Fed's judgment appeared to be that it was largely (if not completely) powerless: it had done all that it could, and the levers of monetary policy were no longer strongly connected to determining the level of economic activity.
Aparentemente la opinión de la Reserva era que en gran medida (si no es que por completo) era impotente: había hecho todo lo que podía hacer y las palancas de la política monetaria ya no eran determinantes del nivel de la actividad económica.