In September 2007 the FOMC began cutting rates with stock markets at All Time Highs and the U3 rate at 4.7%, up only 0.3% from the recent low.

by mark000

People who think the FOMC won’t cut at the meeting in 4 weeks have no idea what is happening. With UST’s way below the EFF (even the 30Y just about) and USD-Libor joining in (now at ~2.30%), a cut is 100% going to happen. Only mystery is whether its a single or a double (50bps).
www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html/
www.global-rates.com/interest-rates/libor/american-dollar/usd-libor-interest-rate-3-months.aspx
www.bloomberg.com/markets/rates-bonds/government-bonds/us