Federal Funds Rate Below 3 Possible?

Bill Gross of PIMCO thinks that the Federal Funds rate could go to three percent in 2008 as we near or reach recession levels. Today, however, he thinks the Fed will only cut rates by a quarter point because of the "hawks" (as he calls them) who are worried about inflation.

I guess if I were on the Fed, he'd consider me a "hawk," then.