{
  "$schema": "https://clearmarket.fyi/schema/signal/v1.json",
  "record_id": "CMSIG2026102301",
  "record_slug": "fed-funds-upper-bound-at-4-0-4-25-kalshi-ladder-2026-10-23",
  "schema_version": "v0.2.0",
  "provenance_version": "0.2.0",
  "published_at": "2026-10-23T19:00:00.000Z",
  "semantic_title": "Fed funds upper bound climbs to 4 percent after rate hike",
  "telemetry": "Kalshi ladder",
  "headline": "Fed funds upper bound at 4.0-4.25%: Kalshi ladder",
  "category_tag": "MOMENTUM_REPRICING",
  "secondary_tags": [],
  "detection_path": "news_cycle",
  "pre_news_classification": "concurrent",
  "status": {
    "state": "live",
    "as_of": "2026-10-24",
    "outcome": null,
    "outcome_basis": null,
    "final_price": null,
    "resolved_at": null
  },
  "target_event_id": "CM-EVT-MR57HVWJT3",
  "target_event_slug": "kxfed-26dec",
  "event_question": "Fed funds upper bound (post-hike)",
  "linked_event_ids": [],
  "primary_market": {
    "platform": "kalshi",
    "platform_market_id": "KXFED-26DEC-T4.25",
    "question_raw": "Will the upper bound of the federal funds rate be above 4.25% following the Fed's Dec 9, 2026 meeting?",
    "current_price": 0.11,
    "volume_24h_usd": 11.22,
    "arbitration_model": "kalshi_staff",
    "resolution_source": "Federal Reserve Board of Governors",
    "resolves_at": "2026-12-16T19:05:00Z"
  },
  "related_markets": [],
  "bullets": [
    "Kalshi ladder prices the Fed funds upper bound firmly in the 4.00-4.25% range: 96% above 3.75%, 76% above 4.00%, but only 11% above 4.25%.",
    "The unanimous 25-basis-point hike to 3.75-4.00% is consistent with the ladder's distribution, which concentrates probability mass right at the new policy band.",
    "The Kalshi contract pricing 3% on a cut greater than 25 basis points this year confirms the market sees no reversal ahead, only a tight tightening path.",
    "Resolution via the Federal Reserve's official policy statement; settlement edge case would arise only if an emergency inter-meeting move altered the upper bound before the contract closes."
  ],
  "atomic_claims": [
    {
      "type": "news_event",
      "field_provenance": {
        "story": {
          "tier": "mediated",
          "method": "exa_search",
          "source": "BigGo Finance",
          "source_url": "https://finance.biggo.com/news/c8c1ef5f-3d1a-4430-a7dd-0998f38a9982",
          "retrieved_at": "2026-10-24T12:26:12+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": "The Federal Reserve voted unanimously to raise its benchmark rate 25 basis points to the 3.75%-4.00% range, with Chair Kevin Warsh defying White House pressure.",
      "publisher": "BigGo Finance",
      "published_at": "2026-10-23T19:00:00.000Z",
      "source_url": "https://finance.biggo.com/news/c8c1ef5f-3d1a-4430-a7dd-0998f38a9982"
    },
    {
      "type": "pm_response",
      "field_provenance": {
        "notes": {
          "tier": "editorial",
          "method": "llm_judge_cm_signal_v1"
        }
      },
      "notes": "The Kalshi ladder is broadly consistent with the announced hike, with the modal implied range matching the new 4.00-4.25% band and volume on the 'cut greater than 25 bps' contract up 7,152% day-over-day, signaling fresh attention on the policy direction."
    }
  ],
  "sources": [
    {
      "label": "BigGo Finance: Federal Reserve Votes Unanimously to Raise Rates 25 Basis Points to 3.",
      "url": "https://finance.biggo.com/news/c8c1ef5f-3d1a-4430-a7dd-0998f38a9982",
      "published_at": "2026-10-23T19:00:00.000Z",
      "retrieved_at": "2026-10-24T12:26:12+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-funds-upper-bound-at-4-0-4-25-kalshi-ladder-2026-10-23/",
    "json": "https://clearmarket.fyi/signals/fed-funds-upper-bound-at-4-0-4-25-kalshi-ladder-2026-10-23.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"
}