The document discusses factors that may influence the Federal Reserve's decision about whether and when to raise interest rates for the first time since 2006. It presents arguments on both sides of the issue, noting pressure to raise rates to combat future recessions but also factors keeping rates low like low inflation. It then discusses potential effects of rate changes on various asset classes like gold, oil, the US dollar, and the Australian dollar. Overall it analyzes how different investment classes may be affected depending on whether and when the Fed decides to raise interest rates.