Panic. The Fed is scared, very scared.
75 basis points. treasury secretary to have news conference
today's word: wall street
"Dollar Declines Against Euro on Speculation Fed Will Cut Rate
By Anchalee Worrachate
Jan. 22 (Bloomberg) -- The dollar fell against the euro on speculation a stock-market rout will force the Federal Reserve to make an emergency interest-rate cut today. ...."
Fed cuts rates 75 basis points in emergency move
By Rex Nutting, MarketWatch
Last update: 8:27 a.m. EST Jan. 22, 2008
"It was the largest rate cut by the Fed since the early 1980s."