Economic policy thinking at the time was that a given level of output - and thus full employment - could be achieved at any time if only the right mix of monetary and fiscal policies were to be deployed.
The target range for the federal funds rate remains at 0 to 1/4 percent, and the Committee has indicated in its recent statements that it anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate at least through late 2014.