Less than a week after it implemented an emergency rate cut, markets now expect the Federal Reserve to soon take its benchmark rate back to zero, where it was during the financial crisis. The fed funds futures market is assigning a 73.5% probability to a 100 basis point cut in March, according to the CME’s FedWatch tracker. There was a 0% probability of that happening as of Friday, but the weekend’s market events changed that. The Federal Open Market Committee meets March 17-18, but the central bank could act before then. – Cox