Such a thing has absolutely no effects on the cryptocurrency market in the short term considering it is too local (US related and not global) and it is going to mainly affect the US markets (assuming they cut rates now or any time in the future).

In the long run as cutting rates at this point would lead to higher inflation, that can help the bitcoin price go up. And if that leads to a bull run that lasts longer than a couple of weeks then we can expect the altcoin market to see some rises as well as "newbie money" comes into it.