Apparently realizing the dollar is a poor substitute for toilet paper, the Fed may not cut rates this week after all.

TOKYO (Reuters) - A Federal Reserve interest rate cut this week is no sure thing and officials are not seriously considering a half-point reduction in overnight rates, the Wall Street Journal reported on Tuesday without citing sources.

The article by Greg Ip, the Journal’s Fed watcher who is known for sometimes reflecting the views of senior central bankers, said policymakers view this week’s decision as a choice between a quarter-point cut to 4.5 percent and not moving at all.

Investors have widely expected the Fed to cut rates at a two-day meeting ending on Wednesday, following a half-point slash in September, to limit the economic damage from the housing market’s incessant slide.

While the housing market has deteriorated further

If that were not enough, here’s another very interesting twist to the same story by Steven Pearlstein of the Washington Post…

Time to Stand Up to Wall Street