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.