You do understand that a cut will hammer the $ even more don't you? The FED's job is supposed to be price stability, and providing liquidity in extreme circumstances (ie 9-11). The FED is NOT supposed to prop up Wall St or even the economy except in extreme cases (that is supposed to take care of itself. It is cyclical by nature). It is just in the past few years that the FED has been involved in avoiding recession at all costs. Its going to be a disaster in the long run. The longer you put off an inevitable recession, which will clean out excesses and inefficiencies, the nastier the eventual downturn will be. Notice how dropping rates is having little effect now. Its propping stocks, but doing nothing for the credit crunch. There is really little the FED CAN do at this point. Its all political. I hate the FED in its current form. Where is Volker?
Europeans are starting to travel more to the USA because of this , I saw a reportage about this. Imagine the EUR/USD reaching 2 ! , maybe this year