St. Louis Federal Reserve Bank President William Poole Thursday said the Fed is ready to cut interest rates again "if necessary" in face of a possible, though not certain, recession and said the Fed must be wary of a "false dawn" that might cause it to tighten credit too soon. At the same time, the anti-inflation zealot warned, the Fed must not "overstay policy ease." Poole, in remarks to the University of California-Davis, said the economic outlook is afflicted with uncertainty, but said he is confident about the long-term outlook. Low inflation, a strong banking system and monetary and fiscal stimulus are among the things that should insure recovery, he said.