Stimulus rebates arrive; Fed rate cut expected Wednesday
CBS
Transcript
President Bush's economic stimulus package is finally reaching struggling Americans. Tax filers with direct deposit will be the first to get their tax rebates this week. Paper checks should be in the mail next month. Most Americans say they plan to save their rebates or use them to pay off debt. It is a busy week on Wall Street. Investors are counting on another interest rate cut from the Federal Reserve on Wednesday. Most experts believe the Fed will lower short-term interest rates for the seventh time in eight months. The job market will also be in the spotlight this week. Analysts predict more jobs were lost in April, and the unemployment rate is expected to have inched up to 5.2%. On the earnings front, expect reports from General Motors, Time Warner, and CBS. On Friday, the Dow climbed 43 points while the Nasdaq slipped six. We'll also see how automakers are weathering the economic slowdown. The major car manufacturers are set to release April sales figures later this week, and the news is not expected to be good as consumers continue to struggle with record gas and food prices. That's your money watch. Log on to cbsnews.com for more. In New York, I'm Alexis Christopherus.