Fed traders split on hold versus hike odds ahead of July 29 as analyst Frank Flight bets on a surprise 25 bps move.

Citigroup traders are betting the Federal Reserve will hold rates at 3.50%-3.75% at this week's FOMC meeting, despite swap markets pricing a 33%

The odds that the Fed pushes for "no change" on interest rates has fallen sharply on prediction markets in the last 24 hours.