Yes, it triggered borrowing because of the crisis in between December 2007 and ended in June 2009, which was the longest recession ever than before. The Federal Reserve's response to the financial crisis varied over time and included a variety of unconventional approaches. The Fed used "conventional" policy moves at first, lowering the fed funds rate down 5.25 percent in The third quarter 2007 to a range of 0-0.25 percent in December 2008, with the majority of the reduction occurring between January and March 2008 and September and December 2008. The substantial drop in those time periods showed a significant downgrading in the economic prospects, as well as increasing downside risks to output and inflation including the risk of deflation. By December 2008, the federal funds rate had reached its effective lower bound, and the FOMC had begun to utilize its policy statement to provide future guidance for the rate. The text stated that the rate will be kept "for some time" (Board of Governors 2008) and then "for a prolonged period" (Board of Governors 2009a). As the financial crisis and recession worsened, worldwide policies aimed at reviving economic growth were enacted. Like many other countries, the United States enacted