The CME Fed Watch tool is handy.

It asks:

  • What is the likelihood that the Fed will change the Federal target rate at upcoming FOMC meetings, according to interest rate traders?

And answers:

  • Use FedWatch to track the probabilities of changes to the Fed rate, as implied by 30-Day Fed Funds futures prices.

Check out the screenshot:

  • current Fed Funds rate is 400-425 bp
  • probability of a 25bp cut, to 375-400 (d'uh) is 99%
  • probability of a 50bp cut is 1%

A 25bp interest rate cut from the Federal Reserve's Federal Open Market Committee (FOMC) is priced at 99%.

Source: Investing Live