Buy as much property as banks will loan you the money for. You'll borrow the money cheap and then inflation will rocket, meaning the property will gain value while the bank is left holding the bag due to the dwindling value of the money you owe them.

This will only work if mortgage rates actually drop hand in hand with the fed rate, BTW. And that isn't always guaranteed as the primary risk for a lender is inflation, so if high inflation is obvious and predicted as a consequence, mortgage rates will remain high to compensate.