Former Federal Reserve Governor Lyle Gramley Wednesday afternoon said the recent decline in U.S. stock prices is increasing the chances that the Fed will cut rates by 75 basis points next Tuesday. In an interview on CNBC television, Gramley answered in the affirmative a question on whether the Fed will move 75 basis points lower at next week's Federal Open Market Committee meeting. "The chances are growing that they will, yes," he said. "They (Fed) have to be worried about this decline in stock prices. Greenspan has told us repeatedly that the stock market boom was what was causing the economy's very strong growth and it works in reverse just as well as it does on the upside," Gramley added.