The argument for a rate cut is that the effective rate (real rate adjusted for inflation) will increase as inflation subsides and headline rate is held. So the

The argument for a rate cut is that the effective rate (real rate adjusted for inflation) will increase as inflation subsides and headline rate is held. So the same rate that was pumping the brakes at 7% inflation would be slamming them at 2% inflation. I agree with your skepticism though.