{
  "$schema": "https://clearmarket.fyi/schema/signal/v1.json",
  "record_id": "CMSIG2026062302",
  "record_slug": "fed-cut-above-25bp-kalshi-7-2026-06-23",
  "schema_version": "v0.2.0",
  "provenance_version": "0.2.0",
  "published_at": "2026-06-23T09:15:25.000Z",
  "semantic_title": "Market wavers on Fed cut above 25 basis points after PCE spike",
  "telemetry": "Kalshi 7%",
  "headline": "Fed cut above 25bp: Kalshi 7%",
  "category_tag": "MOMENTUM_REPRICING",
  "secondary_tags": [],
  "detection_path": "news_cycle",
  "pre_news_classification": "concurrent",
  "target_event_id": "CM-EVT-RWRZ1R3SD6",
  "target_event_slug": "kxlargecut-26",
  "event_question": "Will the Federal Reserve cut interest rates by more than 25 basis points in a single action this year?",
  "linked_event_ids": [],
  "primary_market": {
    "platform": "kalshi",
    "platform_market_id": "KXLARGECUT-26",
    "question_raw": "Will the Fed cut rates more than 25 bps in 2026?",
    "current_price": 0.07,
    "volume_24h_usd": 9.4,
    "arbitration_model": "kalshi_staff",
    "resolution_source": "Federal Reserve",
    "resolves_at": "2027-01-01T15:00:00Z"
  },
  "related_markets": [],
  "bullets": [
    "Kalshi prices just 7% on the Federal Reserve cutting by more than 25 basis points in a single move.",
    "The PCE forecast of 4.1% and hike expectations from economists are consistent with this deeply discounted cut probability.",
    "The Kalshi Fed funds ladder (CM-EVT-4ZQLQPNH91) at 95% above 3.50% reinforces that markets see no near-term easing path.",
    "Resolves via Federal Reserve official rate decision; any single cut exceeding 25bp would require an abrupt policy reversal from the current Warsh posture."
  ],
  "atomic_claims": [
    {
      "type": "news_event",
      "field_provenance": {
        "story": {
          "tier": "mediated",
          "method": "exa_search",
          "source": "morningstar.com",
          "source_url": "https://www.morningstar.com/economy/may-pce-expected-show-rising-inflation",
          "retrieved_at": "2026-06-24T10:45:49+00:00"
        }
      },
      "significance": {
        "threshold": 5,
        "threshold_unit": "rank",
        "passed": true,
        "reason": "surfaced in the daily Exa news-cycle scan; mechanically matched to an active kalshi market"
      },
      "story": "May PCE inflation forecast at 4.1% annually, its highest since April 2023, with economists predicting rate hikes rather than cuts.",
      "publisher": "morningstar.com",
      "published_at": "2026-06-23T09:15:25.000Z",
      "source_url": "https://www.morningstar.com/economy/may-pce-expected-show-rising-inflation"
    },
    {
      "type": "pm_response",
      "field_provenance": {
        "notes": {
          "tier": "editorial",
          "method": "llm_judge_cm_signal_v1"
        }
      },
      "notes": "Kalshi's 7% price on an outsized cut is tightly consistent with the concurrent Fed funds ladder showing rates anchored above 3.50%."
    }
  ],
  "sources": [
    {
      "label": "morningstar.com: May PCE Expected to Show Rising Inflation | Morningstar",
      "url": "https://www.morningstar.com/economy/may-pce-expected-show-rising-inflation",
      "published_at": "2026-06-23T09:15:25.000Z",
      "retrieved_at": "2026-06-24T10:45:49+00:00"
    }
  ],
  "field_provenance": {
    "pm_data": "kalshi_api",
    "news_context": "exa_search",
    "editorial_judgment": "cm_signal_llm_judge"
  },
  "canonical_urls": {
    "html": "https://clearmarket.fyi/signals/fed-cut-above-25bp-kalshi-7-2026-06-23/",
    "json": "https://clearmarket.fyi/signals/fed-cut-above-25bp-kalshi-7-2026-06-23.json"
  },
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "_provenance_registry": {
    "direct": "Unaltered extraction from primary venue/source API (e.g., polymarket_clob_api, kalshi_api, BLS, FRED). Highest trust tier.",
    "mediated": "Information fetched via grounded agentic retrieval (e.g., perplexity_grounded). MUST carry source_url to the underlying primary source.",
    "derived": "Algorithmic computation from listed inputs. Chain only as fresh as the oldest input timestamp (see as_of).",
    "editorial": "Interpretive classification produced by a versioned LLM prompt template (prompts auditable in github.com/JDSource/clearmarket/prompts)."
  },
  "_provenance_canonical": "https://clearmarket.fyi/schema/provenance/v1"
}