Today’s big news is that an emergency Fed rate cut has been enacted in an effort to slow what is expected to  be a disastrous day on the stock market and for the U.S. economy as it heads into recession. The target overnight lending rate has been dropped to 3.5 percent from 4.25 percent this morning, ahead of the scheduled meeting at the end of this month. Bloomberg reports on the emergency Fed rate cut:

“While strains in short-term funding markets have eased
somewhat, broader financial market conditions have continued to
deteriorate,” the Fed said in a statement in Washington. The
FOMC took the action “in view of a weakening of the economic
outlook and increasing downside risks to growth.”