Fed funds upper bound seen near 3.75 to 4 percent

Name: Fed funds upper bound seen near 3.75 to 4 percent
Creator: ClearMarket
Published: 2026-08-31T00:00:00.000Z
License: https://creativecommons.org/licenses/by/4.0/

Kalshi ladder

record: CMSIG2026083102 | category: momentum-repricing | target: CM-EVT-MR57HVWJT3 | published: 2026-08-31

4-bullet brief | narrative

The prediction market ladder pins the fed funds upper bound in the 3.75-4.0% range: 76% above 3.75% but only 34% above 4.0%.
Warsh's hawkish tone is consistent with the market leaning toward 3.75-4.0%, but the 34% at 4.0% reflects lingering skepticism about a full hike cycle.
The near-term ladder (CM-EVT-4ZQLQPNH91) shows only 59% above 3.75% and just 1% above 4.0%, suggesting markets are split on whether hikes materialize before a closer horizon.
The spread between the two ladders reveals genuine timeline uncertainty: the market agrees on the destination range but not the timing.

atomic briefs | structured for retrieval

[01] news_event

significance

surfaced in the daily Exa news-cycle scan; mechanically matched to an active kalshi market

story: Markets debated whether Fed Chairman Kevin Warsh's Jackson Hole speech signals a September rate hike, with some participants skeptical given limited data.exa_search → Jeff Cox · as_of 2026-09-01T13:00:06+00:00
publisher: Jeff Cox
published_at: 2026-08-31T00:00:00.000Z
source_url: https://www.cnbc.com/2026/08/31/markets-see-warsh-endorsing-a-rate-hike-in-september-not-everyone-is-convinced.html

[02] pm_response

interp: Two separate ladder markets diverge sharply at the 4.0% strike, highlighting timing uncertainty in the Warsh hike narrative.llm_judge_cm_signal_v1

evaluation

News-cycle wires publish on coverage, not editorial selection — the day’s top stories matched to the prediction markets pricing them, so nothing is cherry-picked.

judge_engine: none — deterministic news-cycle scan
judge_verdict: auto_published
judge_confidence: n/a — no judge gate (deterministic publishing)
prompt_template: news_cycle_v1 github · auditable
match_method: entity_slug_match (mechanical)

citation graph

Every wire traces back to the ClearMarket event it is built on, and out to each venue’s own market page — so any figure here can be verified at its source.

internal

cm_event: /events/kxfed-26dec/

external

venue_a: https://kalshi.com/markets/KXFED-26DEC-T4.00

programmatic access · four surfaces, same payload

AI grounded search reads embedded JSON-LD in HTML. Developers query REST. Agentic AI clients (Claude Desktop, Cursor) call MCP tools. AI crawlers index via /llms.txt. Same canonical record at every surface.

HTML	browsers, AI grounded search, crawlers (contains embedded JSON-LD `@type: Dataset`)	`https://clearmarket.fyi/signals/fed-funds-upper-bound-near-3-75-4-ladder-2026-08-31/`
JSON	REST API for developers	`https://clearmarket.fyi/signals/fed-funds-upper-bound-near-3-75-4-ladder-2026-08-31.json`
MCP	agentic AI tool call (Claude Desktop, Cursor, Continue)	`clearmarket.get_signal("fed-funds-upper-bound-near-3-75-4-ladder-2026-08-31")`
AGENT	AI crawler discovery index	`/llms.txt`

 PM data: platform APIs (hourly refresh). News context: retrieved with source citations. Editorial judgment: LLM judge with prompt template versioned per wire type. Per-claim provenance inline above; full per-field provenance map at the JSON endpoint under field_provenance.
  raw JSON record · same payload returned by REST endpoint
 {
  "$schema": "https://clearmarket.fyi/schema/signal/v1.json",
  "provenance_version": "0.2.0",
  "record_id": "CMSIG2026083102",
  "published_at": "2026-08-31T00:00:00.000Z",
  "detection": "news_cycle",
  "category_tag": "MOMENTUM_REPRICING",
  "secondary_tags": [],
  "pre_news_classification": "concurrent",
  "target_event_id": "CM-EVT-MR57HVWJT3",
  "target_event_slug": "kxfed-26dec",
  "event_question": "Fed funds rate upper bound",
  "bullets": [
    "The prediction market ladder pins the fed funds upper bound in the 3.75-4.0% range: 76% above 3.75% but only 34% above 4.0%.",
    "Warsh's hawkish tone is consistent with the market leaning toward 3.75-4.0%, but the 34% at 4.0% reflects lingering skepticism about a full hike cycle.",
    "The near-term ladder (CM-EVT-4ZQLQPNH91) shows only 59% above 3.75% and just 1% above 4.0%, suggesting markets are split on whether hikes materialize before a closer horizon.",
    "The spread between the two ladders reveals genuine timeline uncertainty: the market agrees on the destination range but not the timing."
  ],
  "atomic_claims": [
    {
      "type": "news_event",
      "field_provenance": {
        "story": {
          "tier": "mediated",
          "method": "exa_search",
          "source": "Jeff Cox",
          "source_url": "https://www.cnbc.com/2026/08/31/markets-see-warsh-endorsing-a-rate-hike-in-september-not-everyone-is-convinced.html",
          "retrieved_at": "2026-09-01T13:00:06+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": "Markets debated whether Fed Chairman Kevin Warsh's Jackson Hole speech signals a September rate hike, with some participants skeptical given limited data.",
      "publisher": "Jeff Cox",
      "published_at": "2026-08-31T00:00:00.000Z",
      "source_url": "https://www.cnbc.com/2026/08/31/markets-see-warsh-endorsing-a-rate-hike-in-september-not-everyone-is-convinced.html"
    },
    {
      "type": "pm_response",
      "field_provenance": {
        "notes": {
          "tier": "editorial",
          "method": "llm_judge_cm_signal_v1"
        }
      },
      "notes": "Two separate ladder markets diverge sharply at the 4.0% strike, highlighting timing uncertainty in the Warsh hike narrative."
    }
  ],
  "evaluation": {
    "judge_engine": "none — deterministic news-cycle scan",
    "judge_verdict": "auto_published",
    "judge_confidence": null,
    "prompt_template": "news_cycle_v1"
  },
  "citations": {
    "internal": {
      "cm_event": "/events/kxfed-26dec/",
      "related": []
    },
    "external": {
      "venue_a": "https://kalshi.com/markets/KXFED-26DEC-T4.00",
      "venue_b": null,
      "benchmark": null
    }
  },
  "sources": [
    {
      "label": "Jeff Cox: Markets see Warsh endorsing a rate hike in September. Not everyone is",
      "url": "https://www.cnbc.com/2026/08/31/markets-see-warsh-endorsing-a-rate-hike-in-september-not-everyone-is-convinced.html",
      "published_at": "2026-08-31T00:00:00.000Z",
      "retrieved_at": "2026-09-01T13:00:06+00:00"
    }
  ],
  "field_provenance": {
    "pm_data": "kalshi_api",
    "news_context": "exa_search",
    "editorial_judgment": "cm_signal_llm_judge"
  }
}
 
   PROVENANCE PROTOCOL v0.2 · [direct] venue api · [mediated] grounded web fetch + source url · [derived] computed from listed inputs · [editorial] versioned llm judgment · full spec /schema/provenance/v1

record CMSIG2026083102 published 2026-08-31T00:00:00.000Z signature sha256-edd36c131fa… ← underlying event all signals →