This time when US Fed will anounce whether or not rates will be cut, and if there is any cut, then the extent of any rate cut will be very crucial for future cource of equity, currency, and commodity markets. For the past few trading sessions Dow Jones is under severe selling pressure due to subprime crisis hit financial stocks, home finance stocks. This weakness along with record high energy and food prices, coupled with tensions in the Iran and Iraq, Nigeria, is also making equity markets jittery. Gold prices also are at 28 year high due to continued weakness in the US dollar, high crude oil prices, uncertainity on global economic front. Industial commodities like copper, zinc, lead, also have bounced back from their recent lows. This is cause for concern as it will further put pressure on input costs of companies and hence final inflation for already strained consumer. For the next few weeks, equities will be volatile but with positive bias.