Fed Reduces the Fed Funds Rate, What's Next?

[ItalianFX]

The Federal Reserve just reported that they are cutting rates 25 basis points and cutting the discount rates the same. Now, I know the discount rate doesn't mean much in the broader scheme of things given that it is still higher than the fed funds rate, but now that we know of this cut, interest rates are going lower.

What can we expect from the dollar, stocks, bonds, commodities?

How do we look into it and react to it?

How does it affect the overall economy?

What does all of this mean and how do you interpret it?

I am an economics major and I am very interested in how these things work. I should probably know more than I do, but we never really do any real-world application.

Thanks.