Fed ffunds futures are up today and according to CBOT they had 42% probability of 50 bp cut yeasterday http://www.cbot.com/cbot/pub/cont_detail/0,3206,991+23425,00.html so market currently prices 100% chance 25 bp cut within a week
Not so fast there Maynard! The Feb-2008 contract reflects a 100% likelihood of the Funds rate being reduced to 4%. It's still a coin toss in the interim.