Fed Decision on Interest Rates Expected Tomorrow
THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. KYRA PHILLIPS, CNN ANCHOR: The jigsaw puzzle that makes up the nation's economic picture gets a few new pieces added this morning. And another big chunk is within arm's reach. The Federal Reserve is meeting now to discuss yet another possible cut in interest rates. And that decision will take into account this morning's newest numbers on how you're spending your money. Just about 90 minutes ago, the Commerce Department released its report showing a strong jump in durable goods orders. The 2.9 percent increase vastly overshadows the most conservative estimates of less than half a percent and marks a dramatic rebound from April's steep decline. Also factoring in today's report on consumer confidence: new home sales figures released just a minute ago. And for the latest on those numbers and their meaning, we're going to check in again with CNN financial reporter Tim O'Brien in Washington -- hi, again, Tim.</s>TIM O'BRIEN, CNN CORRESPONDENT: Hi, Kyra. And good morning. Well, Greenspan -- Alan Greenspan arrived here just a little over two hours ago, telegraphing nothing. We're all anticipating a cut of a quarter percentage point to half a percentage point. New home sales will be a factor. Yesterday, we had a report on existing home sales. They were up. That was good news. The bad news was that the prices were also up. And that could fuel concerns about inflation. The whole game here is to balance the risk of a weakening economy against the risks of inflation. And over the last five months, the risks of the weakening economy had been seen by the Fed to be paramount. What the Fed will take into consideration are a wide range of factors -- the Consumer Price Index up just marginally, the Producer Price Index up just marginally -- those figures were announced last week. That could diminish some concerns about inflation. But they're going to start meeting around 2:00 this afternoon and then resume tomorrow around 9:00. And we'll get a decision around 2:15 tomorrow afternoon.</s>PHILLIPS: All right, Tim, we'll be checking in. Tim O'Brien, thanks so much. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com