The Federal Reserve had one last chance Monday to correct the markets' belief that it will not raise the fed funds rate on Aug. 8. But when St. Louis Fed President William Poole and San Francisco Janet Yellen came to the podium, they chose to let sleeping dogs lie. In separate speeches, the Fed Presidents commented on the future of monetary policy, but neither elicited much response from the financial markets. Traders were sanguine about warnings that inflation is undesirable, and investors continue to read "pause" as "full-stop." "The market hears 'pause' and they think 'over'," says James Bianco, president of Bianco Research. "I'm hearing from Fed officials that they say pause and mean pause." If the market read pause as pause, they would not react as they have to recent economic data and Fedspeak, Bianco says. The markets "are locked into the growth story," and ignoring the inflation tale, he says. If the Fed were to pause and begin hiking rates again, the markets would likely be knocked on their heels. Such concerns were far from traders' consciousness Monday, if they were present at all. After thinking over Friday's stock and bond market rallies on the heels of a weaker-than-expected 2.5% second-quarter GDP report, investors returned Monday without much buyer's remorse. The major stock indices slipped modestly as bond markets and the fed funds futures market continue to bet the Fed will not raise rates in August. The fed funds futures market prices in a 32% chance of a rate hike at the Aug. 8 meeting, while it prices in a 38% chance of a hike at the September meeting, up slightly from 34% Friday, according to Miller Tabak. Overall, the fed funds futures market prices 52% odds of a 5.50% fed funds rate by the Oct. 24 FOMC meeting, up from 46% Friday.