FOMC 25 bps cut

--The commitee judges that after this action, the upside risks to inflation roughly balance the downside risks to growth --Q3 GDP showed economy expanded more than forecast comments --housing slump and weakness in job market are deflationary events, upside risk to inflation is still limited --delinquency rates will increase due to ARM rate reseting and dropping prices --To stablized (not to forestall) housing market, Fed will cut at least 50 bps by the end of Q1 2008