Morning Edition

The Federal Reserve will announce on Wednesday what officials expect to do with the rates it controls for next couple of years. The Fed will join central banks in Sweden, Norway and New Zealand in relaying information about expectations for short-term interest rates. Renee Montagne talks to David Wessel of The Wall Street Journal about why the Fed is doing this, and the impact it will have.

President Obama gave his State of the Union address Tuesday night. The speech was one part blueprint for economic cooperation, and one part political warning shot — as Obama prepares for a tough re-election campaign.

Vancouver, Canada, is laying claim to the most expensive hot dog in the world. Chef Dougie Luv of DougieDog Hot Dogs starts serving his $100 Dragon Dog Wednesday. The hot dog features a foot-long bratwurst which is infused with 100-year-old Louis XIII cognac. That cognac costs more than $2,000 a bottle.

Mitt Romney has spent a lot of his time in Florida talking about home foreclosures. The housing crisis is one of the few problems that Romney can use to attack both his Republican rival Newt Gingrich and President Obama.

The Japanese government has announced that the country's trade balance has gone negative. It's the first time since 1980 that Japan's export-based economy has recorded a trade deficit. Economists say the strength of the yen and weak global demand have hit Japanese exports hard.

The company earned $13.1 billion in the quarter ended Dec. 31, a record. Sales of iPads were also up — soaring 111 percent from the same quarter a year earlier.

At Disneyland and Disney World, everyone working there has a clean-cut image. It goes back to the 1950's when Disneyland first opened, and facial hair was banned. Starting next month, employees will finally be allowed to have beards — as long as they're kept short and trim.

Competitive eater Takeru Kobayashi is best known for eating hot dogs. He once ate 69 in 10 minutes. Now he's on to a different food. TV host Wendy Williams invited Kobayashi on her show to set the Guiness record for most Twinkies consumed in a minute. There was no previous record for Twinkie eating.

Transcript

DAVID GREENE, HOST:

You might remember, last summer, the U.S. women's soccer team caught the attention of the nation with its dramatic run to the final of the women's world cup in Germany. Well, this week, the team is playing in an all-important, Olympic-qualifying tournament in Vancouver. And Christine Brennan is there covering the event for USA Today.

Christine, good morning.

CHRISTINE BRENNAN: Good morning, David.

David Greene interviews Michael McFaul, the new U.S. Ambassador to Russia, about the future of U.S. Russia relations and the rocky reception he's been given by the pro-Putin media.