Kocherlakota, one of the more dovish members of the Federal Open Market Committee (FOMC), struck a pretty dovish chord in his opening remarks.
Here's the important excerpt (emphasis added):
...With that context, let me turn to the current stance of monetary policy. Six years ago, in the fall of 2007, the Federal Reserve had under $900 billion of assets, mostly in the form of short- term Treasuries. It was targeting a fed funds rate—the short-term interbank lending rate—of just under 5 percent.