Mark Thoma already relayed the news -- no surprise to anyone -- that the market absolutely knows another 25 basis points are coming when the FOMC meets tomorrow. So you need not sit down before taking in this picture of market expectations (based, as usual, on the Carlson-Craig-Melick estimates derived form options on federal funds futures):
December and January are a bit more interesting. The reticence to bet on 25 basis points again-again-and-again, which appeared to be building ten days ago, faded right away last week:
To paraphrase the most recent survey of bond traders from Bloomberg (via Economist's View): The end may be in sight, but it is not near.
For the faithful, the data:
Download implied_pdf_november_102805.xls
Download implied_pdf_december_102805.xls
Download implied_pdf_january_102805.xls
Download Imp_pdf_slides_for_blog_102805.ppt