CNBC Survey:  Wall Street Thinks Fed Got It Right -- Again

A new CNBC survey of Wall Street professionals Wednesday shows overwhelming approval of the Federal Reserve half-point interest rate cut earlier today.

Of the almost 50 money managers, investment strategists and professional economists responding to CNBC's "Trillion Dollar Snap Survey" today, 78 percent say the Fed did the right thing when it lowered its fed funds target to 3.0% from 3.5%. On the other hand, 18 percent think Chairman Ben Bernanke and his fellow policy-makers should have only cut by one-quarter point.

Just after the Fed's surprise three-quarter of a point rate cut on January 22, 74 percent told us the Fed made the right move.

The latest CNBC survey also shows fewer respondents see a U.S. recession in 2008 than a week ago. The survey puts the probability of an economic contraction at 47.25%, down from 54.50% in the January 22 poll.