Fed lowered rate to just above zero this afternoon.
Things are absolutely nuts this month. I lost a ton of money (on paper) with stocks, but they'll rebound later. However, I got some great rates on new deposits at banks, I guess they're desperate for cash. One bank gave a rate close to 6 percent, but told me not to tell who they are. Crazy times. I'd advise people to keep cash on hand in case things get worse.
I don't really know what that is supposed to do right now. Other than refinancing current debt or getting a loan to pay salaries during the downturn, why would anyone borrow from the fed?