Is the Fed going to Cut Rates TODAY?

Paul Ashworth, of Capital Economics, said: "We now think the Fed will be even more aggressive in cutting interest rates to try to turn the economy around. Up to now, the Fed has argued that the economy would experience nothing worse than a brief period of very slow growth. That is clearly no longer a tenable position. The time for half measures is past. "As such, we see the Fed rapidly cutting interest rates to 1pc by the middle of this year, through a combination of big cuts at its scheduled meetings and probably inter-meeting cuts as well. Indeed, there is a possibility that the Fed will seek to get ahead of the game by announcing an emergency rate cut before the markets open on Monday."