Devoted to Managers and those that seek to improve their management skills

The move by the Federal Reserve to cut interests another 50 basis points was what the market was hoping for, and what they got, and the Fed cut the rates for the second time in little over a week. The federal funds rate now stands at 3 percent, and the fed let it be known they'll take more action if needed.

Responding to the fasted rate cuts in 20 years, chief U.S. economist at High Frequency Economics, Ian Shepherdson said, "Growth is clearly way, way, below trend. The economy, if not at a halt, is very close to it, and because of the state of financial markets, because of the state of housing and because of the credit crunch it could stay there for some time."

The Fed made another cut as well, dropping the discount rate another half-point, to 3.5 percent. That's the interest they charge banks for direct loans.

While the Fed said they are ready to take whatever action is needed, at the same time there were hints it wouldn't be cutting rates at the pace they have been. They've cut rates recently five times, by an overall 2.25 percentage points.

Unsurprisingly, for the fourth quarter the economy slowed down to almost zero growth, increasing by only 0.6 percent, fueling the fears that a recession is imminent.

The vote for a cut wasn't unanimous, as Richard Fisher, head of the Dallas Fed believed there shouldn't have been a lowering of rates at all.

Concerns that these cuts could spur inflation are based on reality, and the Ben Bernanke said they're watching it closely. They believe inflation will be moderate in the quarters ahead.

The next scheduled FOMC meetings are scheduled for March 18 and April 29-30.