The implied odds of a 100 bps rate hike by the Fed this week have crept back up a little to ~19% now, roughly where it was before the UMich report at the end of last week here. Those are still relatively paltry odds but the fact is that markets are leaning towards expecting more from the Fed - with the baseline set at a 75 bps rate hike.
I reckon that might say something about the reaction to the policy decision later in the week, with markets seemingly leaning towards a more hawkish message to cover for the extra that is being priced in above.
