Today the Board of Governors of the Federal Reserve lowered its target for the Fed Funds rate 25 basis points to 4.5%. Here is a snippet:

Economic growth was solid in the third quarter, and strains in financial markets have eased somewhat on balance. However, the pace of economic expansion will likely slow in the near term, partly reflecting the intensification of the housing correction. Today's action, combined with the policy action taken in September, should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and promote moderate growth over time.

Another announcement showed a surprisingly robust economy in the third quarter:

Gross domestic product, the value of goods and services produced in the country, expanded by a seasonally adjusted 3.9% annual rate in the third quarter, the Commerce Department said. That topped most forecasts and also bested second quarter growth of 3.8% and first quarter growth of just 0.6%…The report showed few signs that, at least in the third quarter, the housing bust was spilling over to the rest of the economy

What does this mean? Unlikely to see future rate cuts and the economy isn't sniffing a recession.