A million bureaucrats are diligently plotting death and some of them even know it. Thomas Pynchon
You don't need to understand all the writings of Werner von Braun to grasp the concept of Beyond the Zero. The Fed is counting on it. The term (and the first part of Gravity's Rainbow) refers to the lack of total extinction of a conditioned stimulus. Ben and Co. are fine tuning monetary policy to this effect with Permanent Zero. The markets, like Tyrone Slothrop, are tweaking back in line.
The European situation is a critical variable to the domestic recovery. The US/China symbiotic relationship is providing a firewall but the economic weight of a catatonic EU is significant. Gravity, its not just a good idea, its the Law. The American landscape resembles the citizens of Lake Waubegon after an "Affluenza Epidemic." What's an average economic advance in the new environment of 1) heavy debt burdens and2) negative demographics? Most analysts are judging the inputs into a binary event, recession or high inflation. Developed Market economies with the 2 critical characteristics mentioned above tend to slog along in a "gray area" and not the binary alternatives. Welcome to life Beyond the Zero.