Between the lines: The cavalry may not be coming to the rescue this time.

The Federal Reserve, which helped rescue the economy after the 2008 crisis, is effectively out of ammunition.

Starting in 2007, the Fed cut interest rates by 500 basis points, bought an unprecedented amount of U.S. debt and unleashed a flurry of stimulus programs that propped up the economy.

Rather than winding them down, the Fed has had to extend the programs throughout the recovery.

As a result, after last week’s emergency rate cut — and possibly another that’s expected at next week’s policy meeting — the central bank has limited ability to take action.