High Frequency Economics - The Fed has cut the funds and discount rates by 75 basis points, citing the weakening economic outlook, increasing downside risks to growth, the deterioration in the markets and tighter credit conditions. But there can be little doubt the Fed would have waited until the meeting next week if it had not been for the state of the markets. Looking ahead the Fed says appreciable downside risks to growth remain and the Fed will act in a timely manner as needed to address those risks. After this action we do not expect a further move next week - though it can't be ruled out - but we do think they will ease by another 50 at at the March 21 meting.