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Phil, it's interesting that the Fed would lower the target rate to a level the effective funds rate has not eclipsed since over two weeks ago. Since the 3rd of December, the effective overnight rates have been around or below .15%, and haven't gone above .20%. 

So I take it that when the Fed says 0 - .25%, they really must mean 0. Otherwise, why even announce a cut? The rates aren't just "exceptionally low," they are or will be zero. In other words, money will be free.