Traditionally, the two tools were rate adjustments and setting the reserve ratio. Traditionally, the RR was never touched. The last adjustment was in in 1992,

Traditionally, the two tools were rate adjustments and setting the reserve ratio. Traditionally, the RR was never touched. The last adjustment was in in 1992, when it was lowered from 12 to 10%. Nowadays, QE has become an even more important tool than rate setting, which is mind boggling to me. I worked at the Fed when Greenspan passed the baton to Bernanke, and while I understood that Bernanke was an expert at what to do when rates approach zero, I'm still stunned by the rapid shift.