There’s “no doubt” that the Fed will raise its benchmark short-term interest rate to 4.0% at its November 1 FOMC meeting from the current 3.75%, wrote Asha Bangalore, a Northern Trust economist, in a research note on Friday. Mr. Market concurs, based on the November 2005 Fed funds futures contract, which is priced in anticipation of 4.0%, as of today’s close. The momentum won’t stop there, the futures market also predicts. Drawing on the current price of the March 2006 contract, even higher rates await beyond the next FOMC meeting next month.