Very well could be. I think we're in for a recession next year (even starting late this year), so further substantial rate cuts my be in the cards.
On the other hand, with energy prices skyrocketing, we may be starting to look at a period of stagflation, so the fed may decide on a "take your medicine" approach, a la Volker, to get things under control. Whether that comes sooner or later, of course, is an open question
