South Africa Cuts Interest Rates; BlackRock Cans 500; Empire Co. Posts 13% Profit; KB Toys Files for Bankruptcy; Citi and UBS to Buy Back $30 Billion in Securities; Bank of America to Cut 35,000 Jobs

All eyes are on Ben Bernanke and the Federal Reserve today, the big question being: Will there be another Fed rate cut?

Just about everyone is predicting another rate cut, but will this rate cut be the last for a while?

CNN says “trading in futures markets predicts the Fed will cut its key fed funds overnight lending target by a quarter-point, to 2%, and hold the line there in coming months.”

If U.S. Federal Reserve policymakers make the expected quarter-point rate cut at the end of their meeting today (Wednesday), the impact will be felt well beyond U.S. borders.