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During the Great Recession, the Fed's target interest rate never fell below 0.25%. The various QE programs pushed the monetary base up to a peak of just over 20% of GDP.
In contrast, the Swiss have reduced their target interest rate to negative 0.75%, and their monetary base has been increased to roughly 100% of GDP. So you might wonder if the Swiss are out of ammo. Far from it:
The Swiss National Bank can lower its subzero interest rates even further, President Thomas Jordan told newspaper Blick.