Interest rates from the bottom of the trough

The Times story on the Fed's latest perspective:

Fed Sees No Need to Raise Interest Rates Soon
By EDMUND L. ANDREWS

WASHINGTON — The Federal Reserve signaled on Wednesday it was not close to raising interest rates, saying that the economy remained weak even though the recession appeared to be over.

The central bank said it would keep its benchmark interest rate at virtually zero, and it made no change to its longstanding mantra that economic conditions were likely to warrant “exceptionally low” rates for “an extended period.”

Must be a deep hole. More and a pic from the SF Fed via Economist's View.