The actual best way to bet on the event is to use fed fund futures <a href="http:&#x2F;&#x2F;www.cmegroup.com&#x2F;trading&#x2F;interest-rates&#x2F;stir&#x2F;30-day-federal-fund.html" rel="nofollow">http:&#x2F;&#x2F;www.cmegroup.com&#x2F;trading&#x2F;interest-rates&#x2F;stir&#x2F;30-day-f...</a> which are a futures contract whose value is determined by the fed funds rate (the rate people refer to when they talk about raising interest rates)