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Glad you're with us everyone. I'm Catherine Callaway at the CNN Center. Here's a look at what's happening NOW IN THE NEWS.

Tonight President Bush will give his last State of the Union Address. The President stated to focus more on the economy this time than in any of his previous addresses. He's expected to talk about the 150 billion dollars stimulus¹ plan as well as some unfinished business that he wants to accomplish before he leaves office.

And all signs are pointing to another interest rate cut, when the Federal Reserve meets this week. Today's Wall Street Journal is reporting that some investors² are concerned the market, just didn't have a bigger rebound³ after last week's rate cut. The Fed slashed⁴ the key interest rate three quarters of a percentage point. That's the largest since 1982.

Sales of new homes at an all-time low, a new report showing that home sales were down more than 26% last year. It also was the second straight year of large declines from the record paste of 2005 which marked the end of the building boom. A government report blamed the poor showing on some continuing problems in the mortgage market.

Phong giant AT&T and Verizon raising prices on some of their most popular calling features. The companies argue that price flexibility⁵ is essential to remain competitive with Internet-based phone services, many of which are operated by cable television providers.

Charges have been filed against a trader accused of committing seven billion dollars in bank fraud. French police said today they have charged Jerome Kerviel with attempted fraud. He is accused of costing about seven billion dollars in bad trades. Can you believe it? Seven billion. He allegedly hacked⁶ into companies and faked email and documents in order to hide the trades.

That's a quick look at what's making news for you this hour. Stay with CNN for more on these stories and other news of the day.