FEDFUNDs is the rate at which banks lend to each other only for overnight balancing of books; it is not the rate at which companies like CSFS can borrow money.

FEDFUNDs is the rate at which banks lend to each other only for overnight balancing of books; it is not the rate at which companies like CSFS can borrow money. > Let’s see when the Fed starting hiking rates >> March 2022 Except that is not true. Look at your own graph - it was raised continually from 2015 through fall 2019. And if ZIPR was somehow responsible for such a fall, then you'd see it across a ton more companies, since they all play in the same financial environment. Yet those are not there - 2022-2024 has been spectacularly good for companies. I think your ZIPR is a boogeyman looking for post rationalization. If you look at their SEC filings, you can see an actual reason: they invested in buying media companies, like Redbox, that have not panned out well at all. They bought Redbox thinking DVD rentals from corner stores was going to see a resurgence, and it has not, across many such companies. You can also see how these were financed from the SEC filings. Guess who is not there? That's right, ZIRP funding. All stock transfer for the buy has zero borrow from banks (which again, don't lend at Fed rates, and certainly not at that rate to a company buying an already failing Redbox). Unless you want to blame consumers preferring streaming over disks on ZIRP, your argument lacks merit in light of actual business filings and investor reports, none of which mention Fed boogeymen.