For immediate release  —  The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.  —  Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending …

BUNGLING ON BLAGO  —  TEAM BAM MISMANAGES MEDIA  —  Barack Obama is experiencing the first “scandal” of his presidency before he's taken office - or so sayeth the media.  —  Illinois Gov. Rod Blagojevich is accused of (among much else) conspiring to sell or trade Obama's Senate seat for personal benefit.

Clinton chides supporters on Kennedy  —  Hillary Clinton has told her supporters not to involve her in their efforts to stop Caroline Kennedy's path to the U.S. Senate, a person familiar with replacement discussions said.  —  The move clears a major obstacle between Kennedy and the seat.

Shoe thrower ‘beaten in custody’  —  The brother of the Iraqi journalist who threw his shoes at US President George W Bush has said that the reporter has been beaten in custody.  —  Muntadar al-Zaidi has suffered a broken hand, broken ribs and internal bleeding, as well as an eye injury, his older brother, Dargham, told the BBC.

Rahm's calls on tape  —  The Blago scandal . . .  Sneed hears rumbles President-elect Barack Obama's chief of staff, Rahm Emanuel, is reportedly on 21 different taped conversations by the feds — dealing with his boss' vacant Senate seat!  —  A lot of chit-chat?  —  Hot air?  —  Or trouble?

Exclusive: Cheney Says He's Changed  —  Vice President Reflects on Time in Office, Assesses Obama's Team  —  In an exclusive interview with ABC News, a reflective Vice President Dick Cheney praised President-elect Barack Obama's national security team and admitted he's changed during his time in office.

MEET ARNE DUNCAN, OBAMA'S EDUCATION PICK.  —  With the Democratic Party embroiled in internal debate over public school reform, it is very much like Barack Obama to tap Chicago public schools CEO Arne Duncan as education secretary.  Duncan is one of the only prominent education leaders …

Frenzy  —  It was Wall Street's version of an inside joke: Take a motley collection of largely unwanted assets, repackage them into a new set of bonds, and name it after the pristine white-sand beaches of an exclusive New Jersey town where Katharine Hepburn once summered.  —  No one is laughing now.

Pelosi lays down the law with Rahm  —  In a recent conversation with House Speaker Nancy Pelosi, Rahm Emanuel offered some advice on a Democratic House leadership race.  Pelosi's response, according to several Democratic sources: It is “an internal House Democratic Caucus matter, and we'll handle it.”

The Southern Way  —  Nice piece from Mike Lillis at The Washington Independent about the tenuous commitment to free market ideology shown by the union-busting southern conservatives who want the domestic auto industry to die, in order to benefit Dixie-built cars from foreign-owned firms:

Newt denounces Blago attacks  —  Former House Speaker Newt Gingrich is denouncing Republican attempts to link President-elect Barack Obama and disgraced Illinois Governor Rod Blagojevich.  —  Senator John McCain Sunday distanced himself from Republican National Committee attacks on Obama …

Jackson, Jr. may have been working with feds to investigate gov.  —  Jackson has been fighting for his reputation since the federal complaint revealed his supporters were willing to raise money for the governor, if Jackson was appointed to the Senate.  —  The new information appears …

An Empire of Sentimentality  —  I think this kind of sentiment from Dave Dilegge at the COIN hotspot Small Wars Journal reflects some dangerous trends in American culture: … Americans love and respect the men and women who volunteer for military service under our flag.

Former Blagojevich adviser Christopher Kelly to plead guilty  —  Another card may have fallen in the governor's house of cards.  Christopher Kelly - one of Gov. Blagojevich's closest advisers, fund-raisers and friends - is set to plead guilty in his federal criminal case, according to a court filing.

Majority of Public Opposes Auto Rescue  —  Poll Finds Most Blame Industry for Problems, Believe Failure Won't Hurt Economy  —  Most Americans continue to oppose a government-backed rescue plan for Detroit's Big Three automakers as majorities blame the industry for its own problems …

Juan Williams: Iraqi Protesters Are ‘Ingrate[s]’ Who Should Appreciate U.S. Invasion  —  Last night on “The O'Reilly Factor,” host Bill O'Reilly slammed Muntader al-Zaidi, the Iraqi journalist who threw his shoes at President Bush, and said that if he had been there, he “would have physically taken the guy down.”