Indeed, by examining options with different strike prices, and under some reasonable additional assumptions, one can produce a full probability distribution of market expectations for the level of the federal funds rate at various dates in the future.
The same cannot be said of many residential MBS created over the past couple of years and the many complex structured products that held MBS as collateral, where the complexity of the pay-off structures (including so-called cliff effects) made expected returns and risks more difficult to model.