Here is one chart that should put everything in perspective, and explain why the world has reached a plateau of permanent addiction to monetary liquidity injections, and why nothing else matters.
Source: "JPM
Global Uncoordinated Panic; ECB Cuts Rates to Record Low, Deposit Rate to Zero; Bond Market Response Was "Not Enough"; Words "Heightened Uncertainty" Explained
Global Uncoordinated Panic
In a 45-Minute Salvo today, the ECB cuts rates to a record low 0.75 percent and reduced the deposit rate to zero. Meanwhile, the People’s Bank of China cut their benchmark borrowing costs (the second time in a month), and the Bank of England raised the size of its asset-purchase program.
Also note the central banks of Australia, the Czech Republic, Kazakhstan, Vietnam and Israel cut rates in June, while the Swiss National Bank is buying euros to defend its franc ceiling.
ECB president Mario Draghi said these events were not global coordinated easing.
I am willing to take him for his word. Thus, it's safe to assume that what has transpired was more akin to global uncoordinated panic.
Fed Uncertainty Principle
Now would be a good time to review the Fed Uncertainty Principle, especially corollaries one and two.
Corollary Number One:The Fed has no idea where interest rates should be. Only a free market does. The Fed will be disingenuous about what it knows (nothing of use) and doesn't know (much more than it wants to admit), particularly in times of economic stress.
Corollary Number Two:The government/quasi-government body most responsible for creating this mess (the Fed), will attempt a big power grab, purportedly to fix whatever problems it creates. The bigger the mess it creates, the more power it will attempt to grab. Over time this leads to dangerously concentrated power into the hands of those who have already proven they do not know what they are doing.
What I said about the Fed apples to central banks in general.