Over night interest rates.

Take a look at some of the trades from this morning in the Fed Fund options market. What you will see is cheap bets for rates to move below the current Fed effective of rate of just 12 basis points or 0.12%. Note the activity in the 9887.5 - 9993.75 call spreads. No idication hear of any policy tightening.

Filled Orders
House	Buy/Sell	Quantity	Strike	Price	Futures
690	Sold	350	G-50/+81 Combo	Even	G9975-5+
690	Bot	1000	G+50/-81 Combo	Even	G9975-5+
690	Sold	1000	Z87/93c 1x2	1	Z9984-4+
714	Bot	1000	Z87/93c 1x2	1	Z9984-4+
690	Bot	500	H68/75/81c Fly	1.5	H9971-1+
690	Sold	500	H68/75/81c Fly	1.5	H9971-1+
690	Bot	1200	H87/93c 1x2	.5	H9971-1+
690	Sold	1100	H87/93c 1x2	.5	H9971-1+
825	Sold	600	H87/93c 1x2	.5	H9971-1+
690	Bot	300	H93c	.25	H9971-1+
690	Bot	1500	G87c	.75	G9975-5+
690	Bot	300	G93c	.25	G9975-5+
714	Sold	2000	G87c	.75	G9975-5+
915	Bot	500	G87c	.5	G9975-5+
690	Bot	350	G/H 81c cal	.5
690	Sold	350	G/H 81c cal	.5
287	Bot	1400	Z50p	.5	Z9984-4+
281	Sold	1650	V/X 87c Stupid	1.75
690	Sold	300	X87/93c 1x2	1	X9985-5+
287	Bot	300	X87/93c 1x2	1	X9985-5+
690	Sold	1000	G68/75c	5	G9975-5+
915	Bot	500	G68/75c	5	G9975-5+
714	Sold	500	Z87c	1.5	Z9984-4+
915	Sold	375	G81p	8	G9975-5+
825	Bot	1000	Z87/93c 1x2	1	Z9984-4+
690	Bot	100	X+50/+56/-62p Tree	.25	Z9984-4+
915	Bot	500	H87/93c 1x2	.5	H9971-1+
815	Bot	450	H81/87c	1.75	H9971+-2
690	Sold	450	H81/87c	1.75	H9971+-2