What happens when the fed funds rate is halved?

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The spike chart is mostly a reflection of the increase in money supply.

If money supply is piling up in money markets to farm perceived “risk free” yield from the fed then at some point when that “risk free” rate goes too low, all of that capital will flow elsewhere. Inflating prices of everything it flows into.

Im not an expert, but it seems this chart shows dollar nominated "promises".

Whole lotta IOUs