{
  "$schema": "https://clearmarket.fyi/schema/signal/v1.json",
  "record_id": "CMSIG2026111001",
  "record_slug": "fed-funds-upper-bound-seen-at-4-0-4-25-kalshi-ladder-2026-11-10",
  "schema_version": "v0.2.0",
  "provenance_version": "0.2.0",
  "published_at": "2026-11-10T00:00:00.000Z",
  "semantic_title": "Fed funds near 4 percent stays heavily priced in",
  "telemetry": "Kalshi ladder",
  "headline": "Fed funds upper bound seen 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": "2026-11-10",
    "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 (next meeting)",
  "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": 0.01,
    "volume_24h_usd": 0.52,
    "arbitration_model": "kalshi_staff",
    "resolution_source": "Federal Reserve Board of Governors",
    "resolves_at": "2026-12-16T19:05:00Z"
  },
  "related_markets": [],
  "bullets": [
    "Kalshi ladder pins the Fed funds upper bound in the 4.0-4.25% range: 83% chance above 4.0%, collapsing to just 1% above 4.25%.",
    "October CPI at 3.8% and a strong jobs report are consistent with the market's near-certain pricing of at least one more hike.",
    "The sharp cliff between 4.0% (83%) and 4.25% (1%) signals the market sees one hike as nearly certain but a double-move as near-impossible.",
    "On Kalshi, the contract for a rate cut greater than 25 basis points this year sits at just 3%, confirming the market is pricing hikes, not pivots."
  ],
  "atomic_claims": [
    {
      "type": "news_event",
      "field_provenance": {
        "story": {
          "tier": "mediated",
          "method": "exa_search",
          "source": "next-edition.com",
          "source_url": "https://next-edition.com/articles/business-us-inflation-edges-up-to-3-8-in-october-as-core-prices-firm-cementing-bets-on-december-fed-rate-hike-2026-11-10",
          "retrieved_at": "2026-11-10T07:47:48+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": "October CPI came in at 3.8% year-over-year, hotter than September's 3.7%, cementing market bets on a December Fed rate hike.",
      "publisher": "next-edition.com",
      "published_at": "2026-11-10T00:00:00.000Z",
      "source_url": "https://next-edition.com/articles/business-us-inflation-edges-up-to-3-8-in-october-as-core-prices-firm-cementing-bets-on-december-fed-rate-hike-2026-11-10"
    },
    {
      "type": "pm_response",
      "field_provenance": {
        "notes": {
          "tier": "editorial",
          "method": "llm_judge_cm_signal_v1"
        }
      },
      "notes": "Kalshi ladder resolves via Federal Reserve official rate decision; the 4.0-to-4.25% cliff is the dominant pricing signal."
    }
  ],
  "sources": [
    {
      "label": "next-edition.com: US inflation edges up to 3.8% in October as core prices firm, cementin",
      "url": "https://next-edition.com/articles/business-us-inflation-edges-up-to-3-8-in-october-as-core-prices-firm-cementing-bets-on-december-fed-rate-hike-2026-11-10",
      "published_at": "2026-11-10T00:00:00.000Z",
      "retrieved_at": "2026-11-10T07:47:48+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-seen-at-4-0-4-25-kalshi-ladder-2026-11-10/",
    "json": "https://clearmarket.fyi/signals/fed-funds-upper-bound-seen-at-4-0-4-25-kalshi-ladder-2026-11-10.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"
}