Fed move to zero rate regime, what will market react?

This early morning in South east Asia time, Fed has declared another emergency rate cut at the faster pace than the previous cut. -100 bp, and also start adding more liquidity of 700  bnusd through the new QE program. Will this cope the current situation or it just make more investor panic sentiment? 

In my opinion, looking at the first reaction many market this morning, It seem that investors still in the panic mode despite this 100 bp cut from Fed. Moreover, looking at Dollar index you will see the depreciation of DXY is very limit. It may implied that investors speculate for BoE and ECB to have another rate cut follow the Fed and also the sentiment of investors now is demanding for safe haven currency which is greenback. Morover, this emergency policy shows that the Fed is not confidence with the situation because it is going to by at least 700bnusd which mean if the sitaion go worse, they will have more room to increase this amount. 

For further monitoring, I believe we should look at Vix index or CDS to see how investors are procing the current level of risk. If both indicators go down perhaps the curreny pilicy help enough for investor to gainback their confidence but if not then we should see another easing policy coming out.

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