Fed expected to cut rates by half point

Date: Wed, 29 Oct 2008 12:01:22 -0400

Fed expected to cut rates by half point

The Federal Reserve is expected to cut interest rates this afternoon, making
good on Chairman Ben Bernanke's pledge to do whatever it takes to get the
economy back in gear.

FUTURES MOVERS: CRUDE LEADS BROAD RALLY IN COMMODITY FUTURES

Crude-oil futures surge as much as 8%, leading a broad rally among commodities,
with prices for oil on track to post the largest daily percentage gain since
June.

ECONOMIC REPORT: ORDERS FOR DURABLES UP 0.8%, LIFTED BY AIRCRAFT

Strong demand for airplanes lifted orders for U.S.-made durable goods to a 0.8%
gain in September, the Commerce Department reports.

ASIA MARKETS: TOKYO SURGES 7.7%, BUT REGION ENDS OFF HIGHS

Most Asian markets advanced Wednesday after a massive overnight rally on Wall
Street on hopes the U.S. and Japanese central banks would reduce interest rates
to support their weakening economies. But the indexes came off their highs in
as investors chose to remain cautious on weak corporate earnings reports.