What tools does the Fed have left? Part 2: Targeting longer-term interest rates (Ben S. Bernanke, Brookings)

Although the U.S. economy appears to be on a positive trajectory, history suggests that at some time in the next few years we may again face a slowdown, with a weakening job market and possibly declining inflation. Given that the historically low level of short-term interest rates is likely to limit the scope for conventional rate cuts, how would the Federal Reserve respond?

http://www.brookings.edu/blogs/ben-bernanke/posts/2016/03/24-rate-pegs