From your theoretical knowledge on the concept about the reserve requirement policy of the Fed in bank deposit and money creation in bank's lending process, read the transcript in the url link below posted by the Federal Reserve on March 15, 2020. At the bottom of the transcript, the Fed announced the reserve requirement to zero for all bank deposits, a major departure from its years of unchanged policy on reserve requirement

Briefly explain the reason for reducing the reserve requirement to zero% and its potential effect on macroeconomic fundamentals during this economic downturn caused by COVID-19 pandemic