Fed cuts rates to near zero percent

The US Federal Reserve slashed its target for overnight interest rates to a record low of 0-0.25%. In a statement, the Fed stated that it would employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. It said weak economic conditions are likely to warrant exceptionally low levels of Federal funds rate for sometime.
Deflation is not now a major concern, the Fed was expecting a period of deflation. The Fed believes a bigger part of the spreads, the reason why the spreads are actually high is liquidity concerns which is why it feels it is justified in going in and buying these assets right now through this process.

It is a historic decision followed by an historic briefing by the Federal Reserve to explain as clearly as it can why the Fed is doing what it is doing