If we are going into a deep recession and inflation is not a problem particularly with dollar rallying, why not cut to 0%. Till asset prices stabilize, there is no bottom to this mess.
This is deflation. And we now see the terrifying impact of it.
Sep and Oct have lived up to their reputation of being the worst months of the year. Will Nov and Dec now live up to their reputation of being better. You never know. Nothing ever goes down in a straight line, even though there is a lot of pain left. The giant Ponzi scheme of ever increasing asset prices has blown up spectacularly.