Futures contracts based on the fed funds rate are traded on the Chicago Board of Trade, where investors can bet on what the rate will be for any given month. The following odds are calculated based on the closing prices of the futures contracts on Friday, 9/7.

Remaining FOMC Meeting dates in 2007: 9/18, 10/30 & 10/31, 12/11
Current Fed Funds Rate (FFR): 5.25%

Current betting on Fed actions:
Odds of FFR @5.00% after 9/18: 100%
Odds of FFR @4.75% after 9/18: 86%
Odds of FFR @4.50% after 9/18: 57%


Odds of FFR @5.00% after 10/31: 100%
Odds of FFR @4.75% after 10/31: 100%
Odds of FFR @4.50% after 10/31: 93%


Odds of FFR @5.00% after 12/11: 100%
Odds of FFR @4.75% after 12/11: 100%
Odds of FFR @4.50% after 12/11: 100%
Odds of FFR @4.25% after 12/11: 93%