I still don't think they'll lower rates, but this tells me they're prepared to lower them at the first sign of trouble.
Even though people thought this was a great opportunity to take the word 'measured' off the table, he didn't do that, ... It suggested that he was not at this point prepared to endorse the Fisher hypothesis. I think he's trying to make sure the Fed doesn't box itself in.
What the Fed showed was that extraordinary circumstances require an extraordinary strategy. Not only are they moving rates to lows not seen since the early '60s, they're prepared to move them a lot lower.