The problem they have with lowering interest rates is "what if it don't work". I mean the economy is probably crashing no matter if the rates are high or low due to how unsound a big portion of it is. But if they lower rates and the economy crashes anyway then its going to be a bigger credibility loss than if things crash while interest rates are high because then they can claim policy error but if things crash while rates are low they have no good excuse? And end the fed movement grows bigger possibly

Also as a side note the military industrial complex have alot of influence on policy, as do pharmaceutical companies, but the financial lobby also have a lot of power and money and they want volatility above all else, so they will also pressure fed to squeeze and break things so they may make money from the volatility that causes. It's a cold world in that respect.