Despite relatively high short-term borrowing costs, the possibility remains that the Fed's short-term interest rate target will approach zero again in the coming years, according to a new research report jointly released by the Federal Reserve Bank of New York and the Federal Reserve Bank of San Francisco. The report, co-authored by New York Fed President Williams, shows that the medium- and long-term risk of the Fed's interest rate target returning to ultra-low levels "is currently at the low e...