Excerpt

Where the Fed Will Be When the Next Downturn Comes. Martin Feldstein, July 5, 2016, Opinion, "Testifying before the Senate on June 21, Federal Reserve Chair Janet Yellen said the chances of the U.S. economy sliding into recession this year are “quite low.” I agree. But the Fed still faces the difficult problem of what to do when the next downturn occurs if interest rates are still extremely low." Link