Hukka, I guess whats determining the Fed Funds these days is the US dollar and the Subprime fiasco (this is just the beginning as the forclosure numbers today/yesterday surpassed all expectations)...With no housing to boost the already ailing economy, the only thing remaining for these guys at the Fed is to increase Net Exports and revive the Stock market thats showing that all the economic indicators suck big time but because of this, I see the US manufacturing sector taking off pretty soon. Due to lower exchange rate, not much change in nominal economic indicators but overall, a bad year for the economy and the housing sector. All the more reasons for more rate cuts to remain globally competitive. However, will know better on this as we approach Oct 31st. All the best !!