What will set the tone for Dalal Street this week? With only four trading sessions, investors will be watching a clutch of key triggers, the US Federal Reserve’s interest rate decision, domestic inflation data, crude oil prices and developments in the Middle East for cues on the market’s next move, analysts said.Markets will be closed on Monday for Ganesh Chaturthi, leaving the September 15–16 Federal Open Market Committee (FOMC) meeting as the key event when trading resumes. The Fed’s rate decision and commentary on the future path of interest rates will be closely watched by investors.“The immediate focus will be on US inflation and the Federal Reserve’s policy decision. The September 11 inflation report showed headline CPI rising 0.4 per cent month-on-month and holding at 3.4 per cent annually, while core inflation increased 0.3 per cent from the previous month but eased to 2.4 per cent year-on-year. The firmer monthly reading keeps inflation risks in focus and could reinforce pressure on global bond yields and the dollar, particularly if the Federal Reserve adopts a more hawkish tone,” Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.Ajit Mishra, SVP of Research at Religare Broking, said the US Federal Reserve’s monetary policy decision and its commentary on the future path of interest rates would dominate the week. Developments in the US-Iran conflict and movement in Brent crude would also remain critical market drivers.For Dalal Street, crude oil is likely to remain the most immediate external risk. Radhakrishnan said a renewed rise in crude, particularly if disruptions to Middle East oil flows intensify, could add to inflationary pressures, widen the import bill, weigh on the rupee and squeeze corporate margins.“Domestic data, including WPI inflation and trade figures, will provide additional clues on how much of that pressure is filtering into the economy,” Radhakrishnan added.Investors will also have a string of domestic data to track. August WPI and CPI inflation numbers are due to be followed by unemployment and balance of trade data, Mishra said.“Global macroeconomic and geopolitical risks are likely to keep Indian equities on edge in the week ahead, with crude oil prices, developments in the Middle East and shifting expectations for US monetary policy emerging as the key drivers of market sentiment,” Ponmudi R, CEO said.The market heads into the week after a sharp sell-off. BSE benchmark Sensex lost 1,733.67 points, or 2.26 per cent, last week, while NSE Nifty fell 499.6 points, or 2 per cent.The Nifty-50 has now extended its weekly losing streak to five consecutive weeks. Markets remained under significant pressure as escalating tensions in the Middle East triggered a sharp rise in crude oil prices and intensified concerns over inflation, global interest rates and economic growth.