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.
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.