The fed has already backed itself into it's corner for a while. The lockdown only speed up the process. Steven Van Metre has proved with real economic data how there is a liquidity trap. Most of the economic indicators specify that we are heading towards deflation. Right now the long end of the bond curve and the short end of the bond curve are split apart in two different directions. Eventually one will pull it towards one side and the market will definitely suffer huge backlash when it does.