Thats all true. I was more thinking of the market rates being...

Thats all true. I was more thinking of the market rates being the so called risk-free rate (which is often thought of as best represented by the reserve bank rate, as if the reserve bank can print money they have no risk of default) plus a risk premium which of course varies depending on the investment. In a downturn this risk premium quantity always tends higher than in normal times.

The reason I had represented it that way was so as to highlight that interest rates can change independently of the reserve bank's actions, which you have now highlighted far more convincingly than I did, so thank you for your contriubtion