Will Fed Cut The Rates Again?

Financial markets seems to believe that US fed will again cut the interest rates in order to stop a housing slowdown led recession in that country. And hence dollar is seeing continous selling pressure against major currencies, and stocks along with commodities are seeing a major sharp upmove. But US fed might not go all out on rate cut spree as inflationary fears in US are still present. Therefore over exhuberance of stocks of emerging economies will have to be taken with caution, they say:- better late than never!