
Fed decisions (Jul–Oct)
- Pause–Pause–Pause
- 56%
- +8.0
- Other
- 44%
- −3.0
- Pause–Pause–Cut
- 2%
- −1.1
- Pause–Cut–Pause
- 1%
- —
- Pause–Cut–Cut
- 0%
- —
- Cut–Pause–Pause
- 0%
- —
- Cut–Pause–Cut
- 0%
- —
- Cut–Cut–Pause
- 0%
- —
- Cut–Cut–Cut
- 0%
- —
Traders currently price "Pause–Pause–Pause" at 56% for "Fed decisions (Jul–Oct)". Over the past 24 hours that probability moved up 8.0 points. Full distribution: Pause–Pause–Pause 56%, Other 44%, Pause–Pause–Cut 2%, Pause–Cut–Pause 1%. The market has traded $693K in total volume and resolves Oct 28, 2026. Persistent inflation at 3.4% year-over-year alongside a resilient labor market with unemployment near 4.1% has anchored trader expectations for three consecutive FOMC pauses through October 2026, reflected in the 55.5% implied probability for Pause–Pause–Pause. The July 28–29 decision to hold the federal funds rate at 3.50–3.75% featured three dissents favoring a 25-basis-point hike, underscoring a hawkish tilt amid energy-driven price pressures and solid GDP growth. Market-implied odds for any near-term easing remain minimal at under 3%, consistent with the Fed’s June projections and futures pricing that now contemplate possible tightening later in the year. The September 15–16 meeting and upcoming CPI releases represent the primary near-term catalysts that could shift the current consensus.
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