At the end of a very tough week investors were looking ahead to Tuesday's Federal Reserve meeting with hopes of a rate cut. The debate in the financial markets turned from whether the Fed would cut rates by 50 basis points to the probabilities of a 75 basis points cut. Investors are worried about the long wait until the next meeting in May, given the markets' weakness. The thinking is that either the United States is in recession or it is about to go into recession, so a 75 basis points cut is not imprudent by any means. The financial markets sometimes have to be reminded that the Fed is not in the business of solely helping to bail them out, but really has to look out for what could be best for entire economy.

The Bank of Japan is widely expected to return to a zero interest-rate policy at its policy board meeting Monday. Comments after the meeting will be critical in evaluating just how far the Bank will go to shore up the sinking economy. Finance Minister Miyazawa's comment on guaranteeing a private sector stock fund to prop up the Nikkei encouraged some but not others. Yet Miyazawa did make market players think that the government is serious, to some degree, about supporting stocks.

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