I do believe that the Fed will cut interest rates, not that it serves any use. Just that they will cut to show the world that they are trying to do something useful. Not that there much room for the cuts anyway with the rate being 2.25% but they will cut nonetheless.
The nett effect is near zero given that the scope for a large cut is over, they do not have any such room to maneuver but it is just a dying struggle. I personally feel that you can’t really control the economy of a nation via monetary policy alone, fiscal and monetary policies need to go hand in hand for an effective solution.