1. No more cuts even if economy contracts
2. Most officials see April cut as close call
3. Housing still bleak, spending to a crawl
4. Expects economy rebound in 2H 2008
5. Sees no bottoming in housing activity or home price declines
6. Unemployment to rise in 2008 and stay there in 2009
7. Growth risk to downside
8. CPI improvement probably temporary
9. Food, Energy prices to keep inflation up
10.. US GDP to contract in 1H, recover in 2H
11. Cuts GDP forecast to 0.3 - 1.2% vs 1.3-2% earlier
