FED Announcement Day - Read Below
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BOSTON (Thomson Financial) - The odds of further rate cuts fell slightly Wednesday, ahead of the Federal Reserve's announcement regarding its interest rate policy.
The February fed funds futures contact was down 0.01 point at 96.935, which implies an 87% chance that the Fed will lower its target for overnight rates to 3% from 3.5% after the conclusion of the Federal Open Market Committee meeting.
The Fed's announcement is expected to be made at 2.15 p.m. ET.
Early Wednesday, the odds of a 50 basis point move were 89%.
The May contract slipped 0.0350 points at 97.405, which suggests a 91% chance that the overnight rate will be at 2.5% by the end of the Fed's meeting on April 30. Late Tuesday, the odds stood at 94%.
News From: http://www.google.com/trends/hottrends?q=fed+announcement&date=2008-1-30&sa=X
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