In our neverending quest to look beyond tomorrow, here's the current outlook for December's FOMC meeting.
Interpretation: Assuming that the FOMC kicks the federal funds rate up another 25 basis points tomorrow -- which market participants clearly expect -- fed funds future options look to be putting the probablility of another 25 in December at over 80 percent. Of course, the interesting thing is that it was just about 50-50 (between 25 up and no change) before last Friday's employment report.
Checking in on the monetary policy votes on the Iowa Electronic Market, we get the same story, only more so. The probablility of an increase in December jumped from just under 40 percent to just under 90 percent:
Will anything the Committee says change this picture? Check back on Thursday.