The major element of advantage coming from a softening Fed would be to weaken the $USD. Despite some initial probes to the downside, it is having a hard time getting much follow through.
With growth lagging around the world, everybody else is just going to join in the race to the bottom.
Given that the lines of cooperation and coordination and the stature of the international monetary institutions that helped the word avoid a depression in 'o8-'09 are severely strained, I think there's major trouble lurking.
I fear that the entire world is going to Go Japanese- i.e., fall into a permanent economic stagnation. I think that in order to avoid it, there's going to have to be some cooperation and significantly different economic thinking. The world is a bit short on thinking at the moment.
I got my opinion and so does everybody else, but as Keynes said,