When it comes to today’s FOMC decision, there is little speculation: a 25 bps rate hike, the first in 2016 and only the second since the financial crisis, is now effectively assured: all 103 Bloomberg-surveyed economists expect a 25bp increase. The market agrees, and as shown in the chart below, implied rate hike odds are at 100%, with some even speculating that the Fed may hike by 50 bps.