1.US gov needs a strong USD now. It helps debt financing, strengthens China's confidence to make further stupid move and destablize competitor nations.
2.Rate cut will not solve the current "liqudity trap"--which is created by lack of confidence. Fed can easily inject liquidity into financial institutions through various facilities. This rate does not mean much now.
Any way, any smart people know FED CAN NOT REALLY determine USD interest rate since LT treasury rate are determined by Chinese and Arabs and true short-term rates are in the hand of their Anglo brothers. hehe.