The monetary policy transmission mechanism  All central bank models strive to replicate the most important channels of the monetary policy transmission mechanism. In particular this includes the interest rate channel and the exchange rate channel in particular.
In my view, though recognizing that such an action imposes costs on savers and some financial institutions, we should be willing to cut the funds rate to zero, should that prove necessary to provide the required support to the economy. Should the funds rate approach zero, the question will arise again about so-called nontraditional monetary policy measures.