Fed Rate Cut 2:15 p.m. EST

The Federal Reserve is expected to lower U.S. interest rates on Wednesday as part of an ongoing aggressive effort to spare the economy from the worst effects of a deep housing slump and credit crunch.
Financial markets see a three-in-four chance the Fed lowers benchmark overnight rates by a steep half-percentage point, with at least a quarter-point trim a certainty, as the Fed seeks to counter the risk of a U.S. recession.
Any rate cut would follow a surprise three-quarter-point reduction on January 22 and mark one of the deepest and fastest rate-cutting episodes since the early 1980s. The Fed is expected to announce its decision at about 2:15 p.m. EST.