A CNBC guest just stated something really interesting: the ED calendar butterfly for next year is trading at zero. As the guest explained this means that the market is pricing in very low interest rates [no raise] until second or third quarter of next year. I take issue with that contention, but the market is the market. Interstingly, I wonder if there is an arb between FFFs and this spread....
FOMC decision imminent. Zero delta of rate change. Language may change slightly, but almost no delta of consequence to markets.