Morning Buzz: Jan. 30, 2008

The Florida results are in and the presidential field is narrowing. John McCain boasted last night that he had won his first all-Republican primary, defeating Mitt Romney. Rudy Giuliani, who had put all of his eggs in the "win Florida" basket, came in a distant third. In a surprising flip, former frontrunner Giuliani will drop out of the race today, before tonight's GOP debate in California, and endorse McCain, whose campaign at one time looked dead in the water.

On the Democratic side, Hillary Clinton won a decisive victory in Florida over Barack Obama and John Edwards. However, because the state held a primary before February 5, at this time no Florida delegates will be sent to the Democratic National Convention this summer in Denver. Edwards is expected to announce that he will drop out of the contest when he speaks in New Orleans later today.

And as the economy becomes a bigger and bigger issue in the presidential race, the Federal Reserve is expected to cut interest rates today, following a similar move last week. Analysts are unsure what the size of the cuts will be.