Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Wednesday, February 1st, and I'm your host Julie Morgan our top stories.

Today is day two of the FOMC meeting which means an interest rate announcement is happening at 2 p.m.

Fed Chair Jerome Powell is expected to announce a 25 basis point rate hike.

Intel is cutting employees pay and trimming the CEO's salary by 25%.

The company is also cutting its 401k match.

And today is stock of the week Wednesday.

This is an ETS that you can buy and hold long term because it will do that sort of market timing for you so you can manage risk

while you're still leveraging the long-term shifts and sector trends.

We're hearing from Katie Stockton with Fair Lead strategies about her TAC EDF. We begin with the FOMC announcement

set for later today. Traders widely expect the Federal Reserve to slow its pace of rate hikes to 25 basis points today, from its 50 basis point increase in December following four back-to-back 75 basis point hikes.

With that, investors will be attuned to signals for when the

policy makers expect to end their tightening. Some strategist and investors say

Chairman Jerome Powell is likely to push back against market expectations for rate cuts later this year.

The CME Fed Watch tool puts a 99.3% probability of a 25 basis point increase, bringing the federal funds rate target

range to 4.5% to 4.75%.

The Fed's rapid tightening, which started in March of 2022, is intended to reduce demand for goods and services, bringing demand more in balance with supply, thus easing inflationary pressures.

Intel is responding to a downturn by making company wide cuts to employee pay,

with mid-level workers seeing 5% cuts.

Senior leaders will see reductions of 10 to 15% and CEO

Pat Gelsinger cutting his base salary by 25%.

According to Reuters, the hourly workforce won't see a pay cut.

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