U.S. stock-market futures were moderately higher Tuesday morning ahead of the Federal Reserve decision on interest rates. The Fed may be prepared slash rates to perhaps an all-time low as it desperately tries to stem the country's economic slide. The decision will be announced at 2:15 pm this afternoon in a statement that may also reveal more insight about the Fed's other tools it could use. For now, most economists expect the Fed to cut rates by 50 basis points to 0.50% as rates come close to zero. The benefit of another Fed rate reduction, though, is in dispute and many believe it may be mostly psychological, rather than economic.

Also in focus today, the continued saga of the auto industry bailout, the repercussions of the Madoff fraud and the latest quarterly earnings from Goldman Sachs Group (NYSE: GS). As Detroit automakers come closer to collapsing with each day that passes, the White House is sending strong signal that short-term help is on the way and could reach $15 billion for GM and Chrysler.

Overseas, Asian stocks ended mixed, while European stock markets edged higher as investors expected an interest rate cut from the U.S. Federal Reserve later. Meanwhile, oil prices rose to around $45 a barrel ahead of the big production cut expected from OPEC.

The economic docket is also busy today. At 8:30 am, November consumer price index will be reported. Economists expect the CPI to drop 1.3% for November, according to Briefing.com and core CPI to be unchanged.
November building permits and housing starts are also due out at 8:30 a.m., and are expected to fall to record lows once again.