>>10185387federal rates work at the interest that must be charged on lending federal reserve funds. this does allow for really stupid stuff but banks obviously aren't going to fall for something like that
whether or not they will cut the interest on deposits who knows, but it is entirely possible you can get negative interest on a deposit and bonds will be sold at negative interest from this point if the rates are cut below. unironically the mattress will become a better place to save
additionally, everyone keeps saying just $2.2 trillion because that was the cost of the first three bills. not only has a fourth bill been passed but the increased cost of all other benefits and decreased revenue from contracting GDP has sent the deficit for this year over $4 trillion already, and again, they haven't calculated in that unemployment coverage yet. the CDC weeks ago was estimating a deficit of $10 trillion this year. it will likely now be higher
all this, btw, to save some boomers already on their deathbeds
