Fed funds futures market bracing for rate hikes

The Federal Reserve isn't expected to make any surprising interest-rate announcements after its meetings this week, but movements in fed funds futures suggest a lot of market watchers are positioning themselves for the day the rates start heading back up. The market's pricing suggests traders expect at least one interest rate hike by September. Before that happens, tradition dictates the central bank start sending out signals of the impending change well in advance, something that could throw a chill on the stock and bond markets.

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