NEW YORK (CNN/Money) - Bucking the trend among Wall Street economists, Morgan Stanley's Richard Berner and David Greenlaw said Friday they expect the Federal Open Market Committee to cut the federal funds rate by a half-point to 1.25 percent when it meets next week.

Berner and Greenlaw note that the stock market's sharp deterioration over the last two months and worries over corporate governance have taken a toll on businesses and consumers. Recent reports have suggested weakness on both fronts. Meanwhile, there are increased worries over systemic risk in capital markets. Companies' access to capital, particular in the corporate bond arena, has tightened considerably over the last month.

Morgan Stanley is the only one of the 22 firms that deal directly with the Fed that expects a cut.

A cut, according to Berner and Greenlaw, would be insurance against a double-dip recession.

"If we are wrong and the Fed does not change rates next Tuesday, we expect officials to ease by the Sept. 24 FOMC meeting," they wrote. "Additional ease is possible if economic weakness spreads."