Trick or treat for Wall Street

Wall Street has experienced many scares lately, from a global credit crunch to big mortgage-related losses for top banks, so it's fitting the Federal Reserve's latest decision on interest rates comes on Halloween.

Many investors hope for a treat, in the form of another rate cut, rather than a trick.

The hope is a lower target for the benchmark federal funds rate would prompt banks to cut rates on mortgages — a boon to homeowners with adjustable rates due to reset — as well as credit cards.

A cut would also make it cheaper for corporations to borrow.