1. First, estimate the probability the Federal Reserve will reduce the trading range of federal funds to -0.25% by the end of 2021. Federal funds now trade at 0.10% (within the 0% to 0.25% range adopted currently by the central bank). Federal funds futures are priced @ 99.98 for late-2021. [P = E-i)/delta] Second, would the central bank reduce rates to a negative value to curb rampant inflation or offset high unemployment and low growth?