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New York Fed president says the markets are underestimating the likelihood of an interest rate increase next month.
FOMC is not expected to raise rates this week, but tomorrow's statement may signal when the next rate hike will occur.
Futures market indicates Fed won't raise interest rates anytime soonand a 25 percent chance the Fed might actually cut rates by September of this year.
A Fed-convened committee proposed two alternative rates.
New York Fed unveils 'overnight bank funding rate' as longtime benchmark fades.
Both the Japanese and European central banks recently moved benchmark rates into negative territory.