The Federal Reserve anticipates that it will  BIS Review 15/2010  5  eventually return to an operating framework with much lower reserve balances than at present and with the federal funds rate as the operating target for policy.
9 Conclusion To sum up, in response to severe threats to our economy, the Federal Reserve created a series of special lending facilities to stabilize the financial system and encourage the resumption of private credit flows. As market conditions and the economic outlook have improved, many of these programs have been terminated or are being phased out.