NEW YORK (CNN/Money) - All the spin is the same: That's it from the Fed. The 50-basis point cut was bigger than expected. The Fed has signaled that it's done cutting. And it's got no ammo left.

Don't bet the ranch on it.

First of all, a rate cut bigger than WHO expected? More than a few economists predicted half a point, one of whom I quoted in my column on Wednesday before the announcement.

Sure, there were plenty of economists predicting only a quarter point. But that wasn't based on what they thought the Fed SHOULD do, just on what the Fed WOULD do.

That gets us to the second point -- that the Fed signaled it's done cutting rates. That "signal" is that the Fed moved its policy bias from "worried about the economy" to a "neutral stance," where the risks are seen balanced between slow growth and inflation.

But Fed officials insist their "balance of risks" statement is not intended to tell the markets what the next move will be. They say take the statement at face value as our best forecast (guess?) at where the risks in the economy will be in the next six weeks till our next meeting, in this case, December 5.

There's no doubt the Fed is hopeful this rate cut will do the job: the Fed said it "believes" the rate cuts will "prove helpful" and get the economy "through this current soft spot." And, "with this action" on interest rates, the risks in the economy are balanced.

Does this make sense? Making the big cut on rates, an implicit admission that the economy is weak, and at the same time saying the risks are balanced?

"Taken literally, the shift to neutrality is nonsense," according to Rudy Thunberg, of Ried, Thunberg & Co. "It's hard to believe that the Fed actually thinks the risk of inflation in the near term is equal to the risk of economic weakness."

Thunberg said the statement may have been intended to boost confidence, to show that the Fed is not really worried about deflation. Maybe the statement helped achieve unanimity at the Fed by getting those who were still counseling patience to vote for the big rate cut.

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Does it mean no more rate cuts? Not necessarily, Thunberg says, noting that the policy statement characterizes the current slowdown as a "soft spot," unusual language for the Fed, which underscores a belief some officials must hold that the low-interest rate policy will get the economy moving ahead.

"But Greenspan & Co. have been wrong before," Thunberg adds. "Wednesday's action and statement don't preclude further easing next year if the economy looks like it needs a booster shot."

No more ammo? That's wrong, too. Rates aren't zero yet. And let's hope they don't get there, let's hope the Fed does NOT have to fire its last bullets because if it did, it would mean the economy is getting close to flat-lining and even the Fed's rate-cut defibrillator might not do much good.

Kathleen Hays co-anchors Money & Markets, airing Monday to Friday on CNNfn, and appears throughout the day reporting on the economy and how it affects financial markets. As part of CNN's Business News team, she is also a regular contributor to Lou Dobbs Moneyline.