If FED now backs Money Markets...

If FED now backs Money Markets, will this adversely affect utility stocks?
Law of unintended consequences...?
Lot's of disruptions in this market now.

LINK
The U.S. Treasury Department said it would use $50 billion to back money market mutual funds whose asset values fall below $1 a share. Separately, the U.S. Federal Reserve said it would lend even more money directly to financial institutions so they could purchase certain assets from money market funds.
"For the next year, the U.S. Treasury will insure the holdings of any publicly offered eligible money market mutual fund -- both retail and institutional -- that pays a fee to participate in the program," the Treasury said in a statement.

"It is probably a testament to how bad things really are...

Probably not but bet you don't see "0%" T-bills anymore.