fedfunds futures traders rapidly readjusted their expectations for the size of federal reserves next rate hike on july 27 by boosting the likelihood of a 100 basis point hike to 67 after wednesdays hotterthanexpected consumer price index data for june thats up from 76 on tuesday according to the cme fedwatch tool and would lift the fed funds rate target to between 25 and 275 the chance of a full percentage point hike continued to rise aggressively as wednesdays trading session wore on meanwhile traders see a shrinking likelihood of a 75 basis point rate hike in two weeks at 33 down from 92 on