Here are the odds of a Fed rate hike by month

After the Fed removed all calendar references to an interest rate hike, investors upped their bets that the FOMC would hike interest rates this year, according to CME Group data

The Federal Open Market Committee released its latest statement on interest rates and the economy, which the committee uses to help telegraph potential hike timing, at 2 p.m. Currently, the federal funds rate stands at 0 to .25 percent, where it has been since December 2008.

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The probability of a rate hike at the FOMC's June meeting stands at 0 percent. The portion ticks higher to 9 percent by July, a number that has risen from 6 percent a month ago. The CME calculates this by adding probabilities of all rate levels of 0.50 or higher.

The probability does not inch higher than 50-50 until its December meeting when futures price in a 61 percent probability of a rate hike, a more dovish read on the situation than right before the Fed statement when it was 58 percent. Last month's implied odds were 54 percent.

Updated every 10 minutes, the FedWatch probabilities offer a quick gauge of the market's forecast for the funds rate.