That report is followed by a presentation from the directors of the Board’s Divisions of Research and Statistics and International Finance, who deliver the Board staffs’ economic forecast as represented in the Greenbook, which FOMC members have usually had the weekend to study.
If the central bank reduces its policy rate to zero and makes it clear that it will not lower its policy rate any further, then this declared and self-imposed non-negativity restriction influences rate expectations among market participants: looking to the future, they will see rate increases as being more likely than rate decreases.