Hello from CNN, I'm Joe Beck, with the five things you need to know for Wednesday, September 18th.

The Federal Reserve is expected to cut interest rates today, for the first time in four years.

It's widely thought that the Central Bank will lower borrowing costs

by a super-sized half a percentage point,

but it's also possible it could only bring them down by a more conservative

quarter point. Either way it'll mark a crucial turning point for consumers and the

U.S. economy. CNN's Matt Egan has more.

What the Fed signals here is economy. CNN's Matt Egan has more.

What the Fed signals here is really important because if they end up going small, it would suggest

that Fed officials have confidence.

They don't feel like they need to rush to come to the rescue of

the jobs market. But if they go big, it does signal some greater concern of fear

that they're going to fall behind, which is not what they want to do.

Some in Washington, they want the Fed to go big, really big.

Others on Wall Street, they want the Fed to take it slow.

David Kelly from JP Morgan, I think he put it best.

He said cutting short-term interest rates from a peak is a little

like hauling a piano down a flight of stairs. The operation is best done slowly and with care.

Iran is accusing Israel of terrorism after hundreds of pages used by Hezbollah militants exploded simultaneously across Lebanon yesterday. The attack killed at least 12 people, including the

Iranian ambassador to Lebanon and injured thousands more. Hezbollah is vowing retaliation, after what CNN has learned was a joint operation by Israel's

intelligence service and the Israeli military.

A Lebanese source says Hezbollah bought the pages months ago, while the New York Times reports that Israel

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