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THE BIG PICTURE
As the Fed debated its next interest-rate move Tuesday, the Dow industrials rallied while the Nasdaq sat still.
Central bankers almost certainly will cut the fed funds rate Wednesday when they conclude their two-day policy meeting. They got another piece of data supporting aggressive action. Consumer confidence fell to its lowest level in four years.
Keeping consumers on board is essential for Alan Greenspan. A rapid loss in co
nfidence preceded the 1990-91 recession.
The futures market is convinced a half-point cut to 5.5% is in the works. A fewinvestors are even betting the Fed will slash rates to 5.25%. The …