The Marriner S. Eccles Federal Reserve building in Washington, DC. Photographer: Stefani Reynolds/Bloomberg

Traders now have no doubt: The Federal Reserve will start raising interest rates once again next week. The implied interest rate on the swap contract linked to the Fed's July 26 rate decision rose to 5.33 percent—a quarter point higher than the 5.08 percent effective level of the policy rate most days since May 4.

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