The Fed is adding $50 billion as I write this at 8:30am.

The 2.64% fed funds rate ranged from 0.01% to 7% yesterday. This is an historic range and is a result of the chaos in the markets. The central bank issued the following statement at 8:15 this morning in reaction to yesterday's market distress.

"Statement Regarding Open Market Operation

Shortly, the Desk will arrange a large over-night repo. The Desk stands ready to arrange further operations later in the day, as needed.

In addition, at around 9:30 am the Desk will conduct its typical Tuesday morning $20 billion, 28-day single-tranche repo, settling
1-day forward."

Investors may want to stay on the sidelines until Fed actions reduce the funds rate and cause the commercial paper yield curve to normalize.