Rates cut globally at up to 1% or 1/2% on major exchanges, at this juncture are pro-active. However that diminishes the size of a bazoooka in a pocket.
Being in fixed savings I support a strong dollar. And cutting rates punishes savings and pension fund returns. A rate cut cannot re-liquidate the markets but it might prevent or hinder contagion globally.
I think that the cut in interest rates will be seen as impotent to the market as the effort does not produce immediate results.
I would have done the same, but if other central banks do not cooperate then not pursuing a strong dollar policy, reserve of last resort policy, then the cut was a mistake.
I hope the FED makes a firm statement that this is the extent of rate cuts in the forseeable future.
Otherwise money is safer under the mattress if the return on saving is such that it isn't worth standing in line to receive it.
The rate cut doesn't address the real issue.