Washington, D.C. ? What a difference in economic conditions since the Federal Reserve last met in October.

Credit has become harder to obtain, Wall Street has convulsed again and the housing slump has intensified. And policymakers at the central bank now appear to have changed their minds about the need to drop interest rates again.

Twice the Fed had cut rates this year and officials suggested in October that might be enough for the year to help the economy survive all that stress. Then the problems snowballed, leading Fed Chairman Ben Bernanke to signal that one more cut might be needed.

Analysts expect the Fed to trim its key rate, now at 4.5 percent, by one-quarter of a percentage point at the meeting Tuesday. Some even speculate about the possibility of a half-point cut.