J.P. Morgan sees Fed cutting funds rate to 0% by end-January

J.P. Morgan Chase & Co. economists said late Wednesday they now expect the Federal Reserve to make two half-point cuts to its fed funds rate, currently at 1%, by the end of January, bringing the fed funds rate to 0%. The U.S. central bank will then hold this benchmark rate at 0% for the rest of 2009, they said. "The change in our call is motivated in large part by the risk that deflation becomes more likely in an environment where labor market slack is building, and ongoing financial tightening is delaying the prospect that slack begins to get worked down," wrote Michael Feroli, U.S. economist for J.P. Morgan.

Are they kidding???? Why don't they bring rates negative, pay the banks to borrow money. Oh, wait a minute isn't that want TARP is?