Fed rate decision due; Morgan Stanley, Bear Stearns warn
CBS News
Transcript
[Music] Wall Street will be focused on the Federal Reserve this week the central bank's final policy meeting of the Year takes place Tuesday it's expected to result in another interest rate cut the third of the year most analysts are betting on a quarter-point reduction and the nation's biggest brokerages report their earnings this week analysts are betting on some bad news because of the Fallout from the credit crisis they've slashed earnings estimates on firms including Morgan Stanley and Bear returns after the company's warned last month of multi-billion dollar write Downs this quarter on Wall Street Friday a better than expected jobs report made investors nervous about the fed's upcoming decision on interest rates the Dow gained five points while the NASDAQ lost about three get ready to dig a Little Deeper at the supermarket experts are predicting a big rise in food prices if a new house bill becomes law the bill mandates a Sevenfold increase in the use of ethanol and other biofuels by 2022 that's expected to drive up the price on cornfed animals like chicken and pigs as well as products that contain corn syrup like soda that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus