Fed Cuts Prime

Fed slashes key rate to 3.5%
Citing weakening economic outlook, Federal Reserve makes biggest cut in nearly 24 years - three quarters of a point.

January 22 2008: 12:02 PM EST

Fed's Emergency Action

* Key rates cut 75 basis points

* Biggest cuts since Oct. 1984

* More cuts expected Jan. 30

NEW YORK (CNNMoney.com) -- The Federal Reserve slashed two key interest rates by three-quarters of a percentage point Tuesday following an unscheduled meeting, citing continued concerns about a weakening economy and turmoil in the financial markets.

What do you think? Will this balance the market, stop the bleeding in Asia and return stability?
As far as mortgage rates go, there is usually an upward tick - counter to consumer's expectations - followed by a bond climb and a rate reduction.

Stay tuned.