It is spouted all over main stream and alternative financial media, some variant of, the Federal Reserve is out of ammo. This is pure and utter nonsense and there is absolutely no evidence of the Fed being out of monetary tools.
The Fed could easily restart QE, ban cash, implement negative rates, institute helicopter money, or even the E-Dollar. There are plenty of options for the Fed to further loosen monetary policy. If these statements are made with the belief that the use of these policy tools will result in damage to the feds credibility or that there will be political pressure against such moves, watch a financial crisis to develop and see how easy it is for these tools to be deployed.
When the gun blows up in the feds face, aka market forces in the bond and currency markets dictate the feds direction, that's when the game is over and we are far from that point.