Investors trimmed their bets for a rate hike during the next two FOMC meetings but increased their bet the Fed will raise rates by December, according to the CME Group FedWatch.
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.
In its statement, the FOMC both declined to raise interest rates or provide any clues about when a hike is on the way.
The probability of a rate hike at the FOMC's September meeting stands at 0 percent, implied odds that stood at 17 percent in the run-up to the decision. The portion ticks lower to 30 percent by October. The CME calculates the implied odds 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 57 percent probability of a rate hike.
Updated every 10 minutes, the FedWatch probabilities offer a quick gauge of the market's forecast for the funds rate.