Wednesday is the much anticipated Fed announcement regarding the next interest rate cut. It still seems a half point is in the works, although a quarter would be more responsible. There isn’t much point writing much commentary prior to the announcement. More information will be available after seeing how the market will react to the announcement. I would expect a decline after the normal whip-saw action that follows these announcements. Anything is possible and it would be a flip of the coin to guess which way the market will go. A quarter point would probably send the market into a tail spin, but Bernanke would gain some credibility in showing that he isn’t being pressured by Wall Street expectations. A three-quarter point cut would probably create fear, with the street thinking there was something more serious in the cards. A half point is pretty much expected and priced in, so the comments following the rate cut will probably be interpreted and re-interpreted, creating much volatility. It will be interesting to watch.