The Feds meetings minutes reveal the board is worried about a "prolonged...

[Agnes B]

...and severe" recession, your opinion? http://news.yahoo.com/s/ap/20080408/ap_on_bi_ge/fed_minutes

Excerpt:

Even as the Fed battled in almost unprecedented fashion to stem a widening credit and housing slump, some members fretted over the possibility of a "prolonged and severe" economic downturn. It was in that environment that they voted — with two dissents — to cut its most important interest rate by three-quarters of a percentage point to 2.25 percent. That action capped the most aggressive Fed intervention in a quarter-century.

Some Fed policymakers thought that such a widening recession could not be ruled out given the "further restriction of credit availability and ongoing weakness in the housing market," according to the meeting minutes that were made public Tuesday.