http://www.cbot.com/cbot/pub/page/0,3181,1563,00.html 96% chance they cut by 25 basis points on September 16th. Bets are being made we'll see 1.5% at year end. As opposed to rate hikes early in the week.
if the fed statement says anything about commodity decline or dollar they will issue a new contract for people to bet into negative rates world. then the rally that follows will remind us of nasdaq 2000
Fed fund futures are one of the few markets in which the concensus view is usually right. The reason is that their value is estabilished through concensus decision, that of the Fed's board members.