Fed fund futures are pricing in a 98.3% probability

It's such an event that it could basically be a non-event. I know the Fed is hiking rates. You know the Fed is hiking rates. Everyone knows the Fed is hiking rates this month.

The funny thing is that we all expect it to be during a meeting with a press conference, as the Fed has guided us to adopt such an expectation. Heading into last month's meeting, it was only a 0.3% probability on the day itself the Fed would have raised rates then.

With Yellen making way for Powell in 2018, you have to wonder if he will still stick to such an approach that leaves the Fed with less flexibility in their tightening cycle.

The first FOMC meeting with a press conference in 2018 will fall on March 20-21. It will also be accompanied by the Fed's rate projections.

Anyway, if you're looking for Fed speakers ahead of the meeting this month, today will be the last chance you'll get on that. After today, the Fed will enter its blackout period until the FOMC meeting.

On the agenda, you'll have Philly Fed's Patrick Harker speaking at a policy forum. Before that, we'll also get St Louis Fed James Bullard presenting at an economic briefing as well as Dallas Fed Robert Kaplan participating in a Q&A at an economic symposium.