This is an incredibly bearish signal. The Fed essentially turned its biggest lever all the way, and there's little left in their toolbox. One can only speculate as to why they're panicking like this, but my guess is that it's largely political.
The next big thing would be for the Fed to start buying stocks directly, probably through ETFs, which is something it currently can't do. At the moment it can only buy mortgage backed securities and bonds.
The next big thing would be for the Fed to start buying stocks directly, probably through ETFs, which is something it currently can't do. At the moment it can only buy mortgage backed securities and bonds.