At 2:15 PM today the Federal Reserve is expected to drop rates by a half of a point as part of an ongoing effort to combat the effects of the housing slump and credit crunch on the economy.
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The gross domestic product, which measures total goods and services output within US borders, hit a weaker than expected five year low of .6% in the fourth quarter of 2007.
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Wall Street is now speculating that the Federal Reserve will lower interest rates another .75 percent next week on the 30th.
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President Bush and congressional leaders agreed today on a $150 billion package of tax rebates and business incentives designed to combat threats of a recession.
Weekly jobless reports for the week ending with January 19th go against the idea that the conditions in the labor market are pointing towards a recession.
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Fears of recession rise as the Federal Reserve had an emergency rate cut today lowering a key interest rate by three quarters of a percent.
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Today the Federal Reserve announced that they would endorse new rules that will give people taking out home mortgages protection against shady lending practices.
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As the Federal Reserve cuts its key lending rate for the third time in a row today Wall Street reacts poorly as it was expecting a half point reduction.
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Despite a jump in borrowing costs US mortgage applications rose last week to the highest level since July 2005.
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The Federal Reserve is expected to cut the benchmark funds rate by an estimated .25 percent tomorrow as the credit market has put stress on the economy.
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