In fact, the rules indicate that maintaining the federal funds rate at the zero lower bound is unusually accommodative by historical standards. The benchmarks suggest that as the economy transitions to full employment and moves closer to its long-run inflation target, we should begin to gradually reduce accommodation by raising the funds rate target.
Globalisation brings about a more efficient allocation of factors of production, which, in any economy, increases the level of output that can be sustained without generating inflationary pressures.