The Fed is quickly working with central banks around the world to increase dollar liquidity availability in an attempt to ease strains on the short term credit markets. These moves further suggest that global rate cuts may be in the works as the stresses on growth continue to outweigh inflation concerns in many economies.
More info in the official Fed press release here: http://www.federalreserve.gov/newsevents/press/monetary/20080929a.htm
