When times are good, there is the overwhelming tendency to ride the bandwagon, oftentimes sacrificing the need to validate all information as prudence dictates. However, when times are bad, it is precisely the dearth of information that drives institutions and the general public towards panic.
To see this in better detail, we begin with what is arguably one of the most followed market rate, the Effective Fed Funds rate. Soon after the onset of the new millennium, the Effective Fed Funds rate was moving downwards, eventually reaching its lowest levels in the 3rd  BIS Review 119/2008  1  quarter of 2003.