FOMC countdown 4 hours, traders further bet against a rate hike this month.

October 28, according to CME's "FedWatch" data, with only 4 hours left until the FOMC decision is announced, traders are further betting that there will be no rate hike this month. The current probability of the Fed keeping interest rates unchanged in October is as high as 90.6%.

However, the market is also betting that the Fed will raise rates in December, with the probability of a 25 basis point hike as high as 78.4%. The probability of no rate hike is only 13.6%.