Wachovia - The minutes from the October 30/31 Federal Open Market Committee released meeting this afternoon show that the decision to cut the federal funds rate a quarter percentage point to 4.50 percent was, as we suspected, a close call. The Fed's analysis of current economic conditions showed a great deal of concern about the potential negative spillover from the ongoing housing correction to other parts of the economy. The Fed noted, however, that 'there was scant evidence' of such a spillover so far.