The Fed's previous cuts this year totaled 1.5 percentage points. The last rate reduction was March 20. The first this year came on Jan. 3 between scheduled meetings, and was followed by another cut Jan. 31. The Fed also cut its mostly symbolic discount rate by a half point to 4 percent. The economy grew at an annual rate of just 1 percent in the final three months of 2000, the weakest performance in more than five years.
Many economists believe the economy continued to lose altitude in the recently ended first quarter.
Some analysts project that economic growth stalled during the January-March quarter and others say it may actually have slipped into reverse.