Markets are currently pricing in the following probabilities for future interest rate moves as of the close on Friday:

FED - OIS Implied Rates (Note that Rates Cannot Be Cut Further)

Markets are pricing in a 4% chance of a 25bp cut by April 29, 2009.

Markets are pricing in a 100% chance of 25bp hike and a 3% chance of 50bp hike by Jan. 27, 2010.

BOC - OIS Implied Rates

Markets are pricing in a 49% chance of a 25bp cut by April 21, 2009.

Markets are pricing in a 4% chance of a 25bp cut by Jan. 19, 2010.

BOJ - OIS Implied Rates (Note that Rates Cannot Be Cut by Further 25 Bps)

Markets are pricing in a 3% chance of a 25bp hike by April 7, 2009.

Markets are pricing in a 7% chance of a 25bp hike by Sept. 17, 2009.

RBA - OIS Implied Rates

Markets are pricing in a 100% chance of a 25bp cut and a 39% chance of a 50bp cut by April 7, 2009.

Markets are pricing in a 100% chance of a 75bp cut and a 45% chance of a 100bp cut by Oct. 6, 2009.

RBNZ - OIS Implied Rates

Markets are pricing in a 100% chance of a 25bp cut and a 29% chance of a 50bp cut by April 30, 2009.

Markets are pricing in a 100% chance of a 50bp cut and a 10% chance of a 75bp cut by Jan. 28, 2010.

BOE - SONIA Implied Rate

Markets are pricing in a 29% chance of a 25bp cut by April 9, 2009.

Markets are pricing in a 0% chance of a 25bp hike by Oct. 8, 2009.

ECB - EONIA Implied Rate

Markets are pricing in a 100% chance of a 25bp cut and a 71% chance of a 50bp cut by April 2, 2009.

Markets are pricing in a 100% chance of a 25bp cut and a 40% chance of a 50bp cut by Oct. 8, 2009.