Inflation may be softening a little bit but in order to keep it contained best not to cut too much IMO. That said, the consumer is carrying record levels of debt right now and the housing market is somewhat frozen so a small cut might be beneficial to the economy.
But, to your point, Powell clearly has a political agenda. Recall that he cut rates by 50 basis points a mere 48 days before the 2024 election, an obviously political decision. After Trump’s victory, Powell was forced to cut another 50 to try to make the first cut look unpolitical.
Once interest rates drop below 5%, some other bad things happen. Companies performing badly use lines of credit supported by increased stock prices based on speculation value. If a company can't turn a 10% before taxes profit, stay away from the stock. It's too easy to pump the stock with PR, keep borrowing 2% money to meet operating costs, and you eventually find a crash.