The United States Federal reserve entered new territory today. The target for the overnight federal funds rate is now between zero and 0.25 percent. In a release from the Board of Governors:

 "Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined.  Financial markets remain quite strained and credit conditions tight.  Overall, the outlook for economic activity has weakened further."