.Market (the 30-Day Federal Funds futures contract for the October 2007 expiration) is currently pricing in a 100 percent probability that the FOMC will decrease the target rate by at least 25 basis points from 5-1/4 percent to 5 percent at the FOMC meeting on September 18.
In addition, the 30-Day Federal Funds futures contract is pricing in a 58 percent probability of a further 25-basis point decrease in the target rate to 4-3/4 percent (versus a 42 percent probability of just a 25-basis point rate decrease).