WASHINGTON -- It was a rough and tumble Tuesday in the world financial markets. Overnight, Asian trading felt the effects of Wall Street's rocky Monday. On Tuesday, investors braced for news from the Federal Reserve Board about interest rates.

Ahead of Tuesday's decision, the Fed pumped $50 billion into the nation’s financial system. As for interest rates, investors wonder if they'll keep them steady or cut them.

There was a tough decision ahead for the fed after a tough day on Wall Street.

The Dow lost more than 500 points Monday turning in its worst performance in seven years. It marked a day of turmoil after the fall of two iconic Wall Street banks -- Lehman Brothers filed for bankruptcy and Merrill Lynch was sold to Bank of America.

“In the long run I’m confident that our capital markets are flexible and resilient and can deal with these adjustments,” President Bush said.

Bush tried to ease fears and Tuesday plans a meeting with his working group on financial markets. That includes Treasury Secretary Henry Paulson who said despite government intervention for Bear Stearns, Fannie Mae and Freddie Mac, another bank bailout was not in the cards.

“I never once considered using taxpayer money on the line, in resolving Lehman Brothers,” Paulson said.

But with the demise of one bank many wonder who could be the next to fall.

“What is of great consequence is what are the knock on effects on the other banks? How does it impact the rest of the system?” said Desmond Lachman, with the American Enterprise Institute.

Already there is talk in Congress about what to do next, with some lawmakers calling for immediate action to help stabilize the markets.