The Fed's move to cut to zero has been expected by everybody over the last few sessions. This is not new information. As for why they're doing this, well, mone

The Fed's move to cut to zero has been expected by everybody over the last few sessions. This is not new information. As for why they're doing this, well, monetary stimulus is really all the Fed can do, ineffective as it is, and in the vacuum of fiscal intervention from Washington I guess they feel that someone has to do something. By cutting all the way to zero they also put the ball in the government's/congress's court so the focus is on their inaction, where it should be.