Recent inflation readings remaining above the Federal Reserve’s 2% target, combined with resilient economic growth and a stable labor market, have anchored trader expectations around two 25-basis-point rate hikes for 2026. The September 25 bp increase to the 3.75-4.00% target range marked the first tightening move in years, while the October hold—with two dissents favoring further action—left markets pricing a high probability of another hike at the December FOMC meeting. Updated September SEP projections lifted the median year-end federal funds rate to 4.1%, reflecting stronger GDP forecasts and elevated core PCE readings near 3.3-3.4%. This path aligns with the 65.5% market-implied probability for exactly two hikes, as additional moves beyond December appear limited by the year-end deadline and the Committee’s data-dependent stance.
此市場將根據 Fed 在 2026 年上調 25 個基點的確切次數進行結算(包括 12 月會議期間的任何升息)。 在預定的 FOMC 會議之外進行的緊急升息,也會計入 2026 年升息的總次數。本市場將保持開放至 2026年12月31日 下午11:59 ET,以便計入任何此類緊急措施。 例如,如果 Fed 在一次會議後升息 50 個基點,這將視為 2 次升息(每次 25 個基點)。 如果指定的升息次數已不可能達成——也就是說,升息次數已超過相關門檻——此市場將提前結算為「否」。 請注意,幅度介於 1 至 24 個基點(含兩端)的升息,也會視為 1 次升息。 本市場的結算來源將是根據官方行事曆於 2026 年預定會議後發布的 FOMC 聲明:https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm。聯邦基金目標利率的水準及其變化也會公布於 Federal Reserve 官方網站:https://www.federalreserve.gov/monetarypolicy/openmarket.htm。
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