Fed Cuts Interest Rates by 1/2 Point

``The Fed action pushed the funds rate to 3 percent... The half-point cut Wednesday followed news that the economy had slowed significantly in the final three months of last year with the gross domestic product expanding at a barely discernible pace of 0.6 percent, less than half what had been expected. The report came amid increased concern from several quarters about a possible recession.'' -- Possible, or begun a year ago?