Looks at where the CPI is that's not entirely out of the question. Longshot, for sure. A few months ago I would have said its crazy that the fed could consider it, but the target is 2 and we've been under that for goodly while due to wage stagnation.  If the fed is going to add another tool to the toolbox like more action in the repo markets... basically QE infinity to add liquidity if things get tight like when Lehman collapsed then they might change rates more liberally, either up or down, and not try to game recessionary pullbacks to fight off inflation. If the market knows the fed has that in their back pocket maybe the long run reaction to FFR changes wont be so extreme.