The probability of a 50 basis point move at the June meeting of the Federal Open Market Committee made a small comeback after Friday's boffo employment report, but the players in the market for fed funds futures options didn't move too far off another measured 25.
Not surprisingly, the October contracts (which would encompass the July, August, and September meetings) are more interesting. The case for 75 basis points (cumulatively) apparently made a comeback by week's end, but the real story appears to be that betting is pretty mixed (though for some reason the more-aggressive-than-measured bet faded some).
Here, per usual practice, is the data for these pictures.
Download july_pdfs_050905.xls
Download october_pdfs_050905.xls
You can find sample programs for computing these probabilities, and the paper that describes the methodology, on Will Mellick's research page.