More nonsense from Mullethead, but that’s par for the course. The rate cut had nothing to do with Wall Street, and everything to do with the credit/bond markets (especially the CP market and the 91-day yield.) Yes, there was the side effect of a market spurt, but that will change with time if economic conditions are as dicey as the Fed fears.
That said, I’m sure the Fed has little regard for market bears, and rightfully so.