The Federal Reserve's policy making committee is expected to announce a cut U.S. interests rates this afternoon at 2:15 p.m. EST.

The Federal Open Market Committee resumed its second day of talks in Washington where it is discussing the economic outlook and the policies it should take to keep the economy stable.

Traders estimate a 72 percent of a half point cut and 28 percent expect a quarter point move, based on futures prices on the Chicago Board of Trade, according to Bloomberg.

A report released this morning showing a significant slowdown in the economy may play a role in the Fed's decision. In the fourth quarter of 2007, the gross domestic product rose by 0.6 percent, according to the Commerce Department.

Last week in an emergency meeting, the FOMC cut interest rates by 0.75 percent to 3.5 percent.