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In one epic post by Cardiff Garcia of FT Alphaville. 

Update: Let me clarify one point from Garcia’s post.  He mentions my argument that the lowering of the IOER would send a signal that the Fed is committed to a permanent expansion of the monetary base.  This should not be construed to mean that lowering the IOER would create more monetary base, since that is not the case.  Rather, my argument is that it would send a signal that  some of the existing increase in the monetary base would become permanent.  Currently, long-run inflation forecasts suggest that most observers do not expect the large increase in the monetary base to be permanent. 

2012-09-10 16:10:15

Source: http://macromarketmusings.blogspot.com/2012/09/everything-you-wanted-to-know-about-ioer.html