The Fed cut the Fed funds rate by another 1/2 point today, for a total of 2.25 points since September. Now sitting at 3.0%, this is the rate that banks charge each other for short-term loans.
See the stock-centric review of the move at the Wall Street Journal. Traders on the floor seem to expect another 1/4 point cut in March, and some say the Fed hasn't gone far enough to bail the water out of America's sinking economic boat.
For a little happier viewpoint, see the LA Times review of things. I love this story simply because it includes the quote, "I think the Fed is bonkers."