Rates are going to be low for a long time. They see the economy as extremely weak. It is a dark document.

—Vincent Reinhart, former director of the Fed’s Division of Monetary Affairs, who is now a visiting scholar at the American Enterprise Institute in Washington

The current downturn is likely to be far longer and deeper than the ‘garden-variety’ recession. It’s worth pulling out all the stops.

—Janet Yellen, Federal Reserve Bank of San Francisco President in a Jan. 4 speech