federal reserve

The federal reserve has officially lowered the effective interest rate to a rock-bottom low of between zero and 0.25%, citing the crumbling economy and lessening threat of inflation as justification.

The amount comes as a bit of a surprise, as most people didn't expect the rate to go any lower than 0.5%. No end in sight, either. Looks like rates are going to stay near the floor indefinately.

In response, of course, many banks are also dropping their prime rates.

I know many on Wall Street are thrilled with the decision, but I'm wondering if others are concerned that bringing the rate so low leaves little wiggle room should the need arise to lower it again. Thoughts?

Does anyone know how hard it is for non-targets to get in at the Fed; is it as selective as IB or S&T? Also, does anyone know anything about the compensation for a recent grad working there?