Brokers Facing the Music

The elephantine event in a busy week of economic data and earnings reports is Tuesday's Fed meeting.

Most traders expect the Federal Open Market Committee, led by Chairman Ben Bernanke, to cut the overnight borrowing rate at least 25 basis points, to 5% from 5.25%. Many also expect another cut to the rate charged at the Fed's discount window, where banks can go for last-ditch liquidity.

The Fed has left the target fed funds rate stable for over a year, as committee members toed a line of inflation fighting amid high commodity prices and easy lending conditions. But the central bank has had to change its tune since the credit markets seized up earlier this summer. ...