Last week has been record breaking for most of the global stock markets, global stock markets had their worst start to a new year in 2016, denting investor confidence. Turmoil in the market could also affect pricing of rate hike from US Federal Reserve.

So, where FED hike probabilities stand for next few meetings -

Current Federal funds target range is at 0.25 - 0.5%.

• January, 2016 meeting - Market is attaching 90% probability that rates will move to 0.25-0.5% and 10% probability that rates will be at 0.5-0.75%.

• March, 2016 meeting - Market is attaching 52% probability that rates will move to 0.25-0.5%, 44% probability that rates will be at 0.5-0.75% and 4% probability that rates will be at 0.75-1%

• April, 2016 meeting - Market is attaching 47% probability that rates will move to 0.25-0.5%, 45% probability that rates will be at 0.5-0.75%, 8% probability that rates will be at 0.75-1%

• June, 2016 meeting - Market is attaching 31% probability that rates will move to 0.25-0.5%, 46% probability that rates will be at 0.5-0.75%, 20% probability that rates will be at 0.75-1% and 3% probability that rates will be at 1-1.25%.

• July, 2016 meeting - Market is attaching 27% probability that rates will move to 0.25-0.5%, 44% probability that rates will be at 0.5-0.75%, 24% probability that rates will be at 0.75-1%, 5% probability that rates will be at 1-1.25% and 1% probability that rates will be at 1.25-1.5%.

Market seems to have scaled back some of its expectations for rate hike. Now Market is predicating with higher than 50% probability that rate hike will be in April compared to March in end of 2015.