"the data due for release over the next two to three weekscovering the
housing market, consumer spending, industrial activity, and the job
market - are apt to reinforce the weakness in US economic activity, as
already suggested by he beige book and retail sales report. Given this
backdrop, we remain comfortable with our view that the FOMC will decide
to cut its federal funds rate target by another 50 basis points on
October 29, absent a striking improvement in financial conditions."