The Federal Reserve research report warns: economic outlook is uncertain and zero interest rate risk may reappear.

The latest research report jointly released by the New York Fed and the San Francisco Fed pointed out that although current short-term borrowing costs are relatively high, the possibility of the Federal Reserve's short-term interest rate target approaching zero levels in the coming years still exists. The report, co-authored by New York Fed President Williams, shows that the medium- to long-term risk of the Federal Reserve's interest rate target returning to ultra-low levels is currently at the lower end of the observed range over the past fifteen years. However, researchers added that due to rising uncertainty in the near future, the possibility of returning to near-zero interest rates in the medium to long term is still significant.