Is that the real or the nominal federal funds rate? Although it might not go under the heading of expansionary policy, there were some points in the prior cycle, for example, where the real rate not-entirely-intentionally went negative.

I'm still in the camp that we won't see real recovery and job growth until the dollar gets low enough for exports and export-related manufacturing to go up - which may be starting to happen now. I think the Administration's reliance on a high dollar is in good part to blame for the economic troubles - a high dollar may be good for dollar-valued global commodities and the extraction industries to which Bush/Cheney owe allegiance (I can't think of any other President who came from this background) and is great for Wall St., but has been hell for manufacturing and exports. Didn't Clinton come into a similar situation in 1993 and stressed exports? and look what happened...

hmmm,
The dollar falls when our economic outlook seems dire, thereby offering our manufacturing industries the opportunity to export for cheaper, thereby stimulating our economy, thereby stimulating demand for our dollars, thereby choking the export-lead recovery...