FED cuts rates to 3.5%

It looks like the FED has finally woken up and is doing something about the economy.

The central bank opted to cut the fed funds rate, a key overnight bank
lending rate that affects all kinds of consumer loans, by three-quarters of a
percentage point, or 75 basis points, to 3.50 percent. There are 100 basis
points in one percentage point.

The only problem is if it is too little too late. They needed a .50 cut the last time around and now this make-up-measure may be building up the levees after the town is already flooded. I think the economic numbers this month will really tell and insteresting tale going forward.