The latest research report jointly released by the New York Federal Reserve and the San Francisco Federal Reserve points out that, despite the current short-term borrowing costs being relatively high, the possibility of the Federal Reserve's short-term interest rate target approaching zero again in the coming years still exists. This report, co-authored by New York Fed President Williams, indicates 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 range observed over the past fifteen years.' However, the researchers added that due to the recent rise in uncertainty, the likelihood of returning to near-zero interest rates in the medium to long term 'remains significant.'