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The US central bank, which led a coordinated global rate cut earlier this month that pushed its target rate down a half-point to 1.50 percent, is seen as trimming the rate another 25 to 50 basis points.
The Federal Open Market Committee headed by chairman Ben Bernanke is expected to announce a decision around 1815 GMT Wednesday at the close of a two-day meeting.
"Recent history tells us the Fed always follows up an inter-meeting rate cut with another reduction at the ensuing FOMC meeting," said Joseph LaVorgna, economist at Deutsche Bank, who predicted a half-point cut to bring the rate to 1.
0 percent, the level from June 2003 through June 2004.
"Some market participants initially believed policymakers would try to reserve some 'monetary ammunition' by only cutting rates 25 basis points -- a view with which we disagreed given the 'shock and awe' tactics the Fed and Treasury seem to have recently adopted."
Analysts say the crisis that began with a housing meltdown and credit crunch