Embedded Player Some say the financial markets continue to decline because the Federal Reserve decided to cut interest rates by just half a percent earlier this week. Commentator Lyle Gramley, who is a former member of the Federal Reserve Board, says Wall Street's decline is more about the slowdown in the economy. A previous Fed commentary aired yesterday. In that piece, Bert Ely said the Fed's interest rate cut was too little, too late, and that the Fed has a history of either under or overreacting.