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.