For immediate release  —  The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.  —  The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.

Clinton, Edwards hold private post-debate meeting  —  MYRTLE BEACH, South Carolina (CNN) — What were they talking about?  —  Hillary Clinton and John Edwards met privately backstage following a very contentious Democratic presidential debate in this coastal city, sources with both campaigns confirm to CNN.

Now McCain Must Convince The Right  —  John McCain has a problem.  After winning South Carolina's primary last Saturday, he should be the overwhelming favorite to capture the Republican presidential nomination.  He's not, at least not yet, and the reason is that he's alienated so many conservatives over the past eight years.

Fred Out of Thursday's Debate; Doesn't Plan on Endorsing  —  I spoke to one of my Thompson sources.  —  He's still with his ailing mother.  “He's just being a good son."  —  He has not spoken to any other campaign or any other candidates, nor does he intend to at this time.

Someone Didn't Get The Word  —  Fareed Zakaria: … Ah, those sad, sad, Democrats.  So unaware that the war's over.  The dude who killed at least fourteen and wounded seventeen in Tikrit must, like the Democrats, have been wearing partisan blinders when he failed to acknowledge the surge's success in bringing the war to an end.

Mystery in Brooklyn: Bomb factory at Columbia University professor's home  —  The NY Daily News reports today on a disturbing discovery at a Columbia University instructor's home: … Clatts cannot be located.  Who is he? … The NYTimes reports on a bizarre twist in the case …

Pre-emptive nuclear strike ‘an option’  —  The west must be ready to resort to a pre-emptive nuclear attack to try to halt the “imminent” spread of nuclear and other weapons of mass destruction, according to a radical manifesto for a new Nato by five of the west's most senior military officers and strategists.

Huckabee Broke  —  Less than a month after a huge upset victory, and promises that fundraising would be ramped up, former Arkansas Gov. Mike Huckabee is asking his senior staff to keep working for him without pay, while lower level campaign staff are seeing their salaries cut dramatically or eliminated altogether.

In Matters Big and Small, Crossing Giuliani Had Price  —  Rudolph W. Giuliani likens himself to a boxer who never takes a punch without swinging back.  As mayor, he made the vengeful roundhouse an instrument of government, clipping anyone who crossed him.  —  In August 1997, James Schillaci …

Bush to Cop Out on Earmarks?  —  There has been a lot of buzz in recent weeks about the idea of President Bush issuing an executive order canceling all earmarks not found in bill text (roughly 90 percent of them).  Unfortunately, the New York Times has a story today that suggests he'll do nothing of the sort.

Attorneys probe deepens  —  The federal investigation into the firing of nine U.S. attorneys could jolt the political landscape ahead of the November elections, according to several people close to the inquiry.  —  Washington's attention has been diverted from the scandal since …

PAUL BLAMES FEDERAL RESERVE FOR WEAK ECONOMY  —  KENNER, La. — Ron Paul, a Republican presidential contender and Texas congressman, said Monday that the Federal Reserve is to blame for the country's weakening economy.  —  Paul highlighted his economic remedies — abolishing the federal income tax …

Netherlands Merchant Puts Anne Frank in a Kaffiyeh  —  Sick, sick, sick.  —  Boomerang, a popular Dutch merchant of T-shirts, greeting cards, and other items, is now selling an image of Anne Frank wearing the symbol of Palestinian terrorism: Boomerang.nl - Werk - ‘Banned Frank’ by T.

Bill Clinton May Get Payout of $20 Million  —  Former President Clinton stands to reap around $20 million — and will sever a politically sensitive partnership tie to Dubai — by ending his high-profile business relationship with the investment firm of billionaire friend Ron Burkle.