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It has cut term times for this year, shortened the school day and given teachers a pay rise.
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It has announced plans to cut short term deficits by reducing infrastructure and civil service expenses.
Others will have cut long term contracts with suppliers and so may not see a rise for some months.
Cordray's platform included federal spending cuts, term limits for Congress and a line-item veto for the president.
There is already some sign of upward pressure on long-term rates, even though the Fed has cut short-term rates aggressively.
If need be, said Mr. Greenspan, the Fed could hammer down long-term bond yields just as it has repeatedly cut short-term interest rates.
During the past 30 years, long-term rates have not fallen below short-term rates except when the market was sure the Fed would cut short-term rates.
We must take additional steps to cut long-term consumption".
Central banks cannot cut short-term rates any further.
The Fed has cut short-term interest rates 10 times this year to bolster the economy.
The Federal Reserve cut short-term rates by a quarter of a percentage point on Wednesday.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com