One option had been a miniscule token hike --maybe 0.00025%? The thinking now is that we really no longer have to worry if a hike would crash anything because the economy already is crashing. Once again that doesn't matter either becuase the Fed works w/ inflation and they can and will tank the economy if inflation's a problem. It isn't; most serious metrics (meaning we'll ignore the FR whining arm-wavers) are seeing price indexes wandering back down like it was 2008 all over again.
Let's not think the Fed can't lower the overnight bank rate below zero --if they really want they can go and pay banks to borrow. The reason they don't (as far as I can see) is that this is no longer a technical problem but rather a political one and a negative move would be too much of a political blast for an election year.
I don’t see a hike happening. If one does, we have to service more interest on the debt which ultimately means programs will need to be cut as budgets will have to shrink and you can be damn sure it won’ be entitlement programs.
I haven’t read enough to understand the ramifications of NIRP, but the folks at zerohedge seem fairly certain it is in our future.