Following another round of financial market turbulence, fed fund futures contracts don't see the Federal Reserve raising rates until at least February 2018 and in fact are pricing in a small likelihood of a rate cut.
Diminished expectations for rates come as investors worry that a global slowdown could send the U.S. into a recession this year.
Markets appeared to be in for another rough day Thursday, with stock market indicating the Dow Jones Industrial Average likely to decline 250 points off the open. Government bond yields also slumped, with the benchmark 10-year note hovering around 1.6 percent.
Jeff Cox | CNBC