On a side note: It is my hope that the Federal Reserve could find a way to use the funds received from the Term-Deposit facility program and re-purpose them through a different transmission mechanism that reaches the broader economy.

FORBES: Don't Get Hyped Up About Hyperinflation

But there is good reason to believe that the transmission mechanism is at least partially broken at present, and thus the pass-through benefit to the economy associated with a small decline in Treasury yields (relative to current levels) would likely be infinitesimal.

FORBES: The Fed Pushes On A String As It Ponders How To Create Inflation

The transmission mechanism from interest rates to consumer spending is weaker, largely because of less developed and less competitive mortgage markets.

ECONOMIST: The European Central Bank