Adobe Stock/Aaron Kohr

It looks like the market is coming around to the idea that the Federal Reserve will raise interest rates four times in 2018, CNBC staffer Jeff Cox reports.

Earlier this week, the fed funds futures market gave almost a 50% probability that the central bank would raise rates in December. That December move would be in addition to the one already approved in March and two more likely in June and September, respectively.

The CME's FedWatch tool, which has been a reliable gauge of the Federal Open Market Committee's actions, assigned a 48.2% chance in early trade. The move toward a more aggressive Fed came as the benchmark 10-year Treasury note yield hovered around 3 %, which multiple bond experts have predicted would be a key level.

The probability had been just 33% a month ago and less than 40% as of late last week.

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