In one way, Federal Reserve monetary policy is like the weather. Recall the Charles Dudley Warner quote: "Everybody talks about the weather, but nobody does anything about it." Certainly, everybody interested in the markets talks about what the Fed will do.

Right now, the object of the talk is whether the Fed (technically, the Federal Open Market Committee, or FOMC) will continue to raise its fed funds target interest rate, call a halt to this sequence, or even begin to lower this rate.

The difference between the weather and Fed policy is that you actually can do something about the latter. For one thing, you can act on your opinion about what the Fed will do by trading CBOT fed funds futures calendar spreads.
However, this is not a trade for the faint of heart.