Fed funds futures are currently pricing in a low probability that the Federal Reserve will squeeze monetary policy at any one of the next three FOMC meeting (Jul. 26, Sep. 20, Nov. 1). The Sep. meeting has recently been identified by some analysts as the most likely date for another rate hike. But the futures market estimates the probability at just 13% that the central bank will lift its target rate (currently at a 1.0%-to-1.25% range) on Sep. 20 (based on early trading on Jul. 12).
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