The U.S. Is Short on Options to Confront Next Crisis

``Now, cutting interest rates wouldn't be an option in the face of a big downturn. That means the Fed would need to once again turn to unconventional steps such as further asset purchases or increased forward guidance. They've done it before, so it's hard to make the case that they wouldn't do it again, but it does mean that a crucial option -- interest rates -- is missing from their toolbox.''