Data Wednesday from the New York fed put the effective fed-funds rate at a much lower 0.23%.

纽约联储周三公布的数据推动实际联邦基金利率降至更低的0.23%。

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Adjusted for inflation, in fact, the effective fed funds rate has now been below zero for 54 of the last 101 months.

FORBES: Real U.S. Interest Rates Deeper Below Zero Than Even In 1970s

Hence, when the target Fed Funds rate reached an effective zero rate, the Fed was not out of tools.

FORBES: The Fed Isn't Easing Monetary Policy

In mid-August the Fed supplied enough liquidity to hold the effective federal funds rate, an overnight interbank rate, below its then target of 5.25%.

ECONOMIST: Central banks have played a starring role