It's not the Fed's job to bail out banks for lending money out without adequately investigating the borrowers ability to repay. It's not the Fed's job to pay attention to the equity markets. If there is a massive economic slowdown, yes, cut the rate, but it's not needed for this. The market ultimately punishes stupidity.
Inflation is a big issue if you have a fixed income. The Fed will cut rates when they see evidence of an economic slowdown, which is not yet. I suggest waiting untill after all of the high flying money managers get wind of what their third quarter bonuses look like. I doubt many of these people will be making large cash purchases with their bonuses.