If the Fed lowers rates a little now, it would be a lot better than lowering them a lot more later, which would be inflationary. Besides, the funds rate should always be in line with the market.
I was not speaking out against a rate cut, but it is a good idea to use other methods instead of relying completely on rate cuts. If we can limit the rate cuts by easing the credit squeeze in other ways, the better it is for inflation.