During the financial crises and recession of 2007-09. the Fed lowered the federal funds rate target to 0-0.25%. However, long-term interest rates, like mortgage rates, were still fairly high. One thing the Fed did to lower long-term rates was that the Fed: increased inflation to lower the expected long-term real interest rate there wasn't much they could do, since the Fed does not control long-term interest rates announced they would lower the long-term interest rates announced they would keep the target for the fed funds rate low for an extended amount of time