WASHINGTON (AP) — With turbulence hitting financial markets as a global credit crisis claims heavyweight victims, suddenly the possibility of a reduction in interest rates by the Federal Reserve is back on the agenda.

Economists were split on whether the central bank would actually cut a key rate when officials meet today, but it was widely agreed that the Fed will at least open the door to reducing rates in the weeks ahead if financial markets do not stabilize.

Wall Street had a very tough day Monday, with the Dow Jones industrial average tumbling by 504 points in the steepest slide since the September 2001 terrorist attacks.

“Given the meltdown in markets, a rate cut is becoming fairly possible,” David Wyss, chief economist at Standard & Poor’s in New York, said in a comment echoed by other economists.