We're already seeing near record contraction of the money supply, so I expect them to start dropping rates soon to spur borrowing. Also, the housing market hasn't been destroyed yet and they may be looking to reduce rates before housing prices get annihilated.

Some of this depends on how the ruling class wants to deal with Biden. Usually, the Fed tries to really juice the economy when an incumbent is seeking reelection, but I've been hypothesizing that they're trying to get Biden out of the way. If more subtle methods fail, they may let the economy bottom out.