ZIRP or ZAP? Will the Fed's 'Zero-Interest Rate Policy' Return, and Will It Work? ByCharles Hugh Smith Market Overview Published 10/26/2025, 06:00 AM ZIRP or ZAP? Will the Fed's 'Zero-Interest Rate Policy' Return, and Will It Work? View all comments (0)0 Charles Hugh Smith Articles(532)|My Homepage Follow US500 0.79% Only the wealthy will benefit from ZIRP, and the benefits of "the wealth effect" and "trickle down" have not just diminished--they're now negative. Welcome to the era of ZAP. A correspondent su ...