Fed funds upper bound wavers between 3.75 and 4 percent

Name: Fed funds upper bound wavers between 3.75 and 4 percent
Creator: ClearMarket
Published: 2026-07-08T18:44:48.000Z
License: https://creativecommons.org/licenses/by/4.0/

Kalshi ladder

record: CMSIG2026070801 | category: momentum-repricing | target: CM-EVT-MR57HVWJT3 | published: 2026-07-08

4-bullet brief | narrative

Kalshi ladder prices the implied upper bound in the 3.75-4.0% range: 55% above 3.75%, but only 34% above 4.0%.
Fed minutes showing deep internal division are consistent with a market that cannot commit above 4.0%, leaving the modal outcome near 3.75-4.0%.
A separate nearer-term Kalshi ladder (CM-EVT-PHWX2H6DM5) prices 99% above 3.50% for an earlier meeting, suggesting markets see near-term stability with divergence only at longer horizons.
Resolves via Federal Reserve official rate announcement; any interim hawkish surprise at a future FOMC could shift the distribution sharply above 4.0%.

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: Fed minutes reveal officials are deeply divided over whether US inflation will stay elevated or cool, reflecting genuine uncertainty about the path of monetary policy.exa_search → ABC News · as_of 2026-07-09T10:56:21+00:00
publisher: ABC News
published_at: 2026-07-08T18:44:48.000Z
source_url: https://abcnews.com/US/wireStory/fed-minutes-officials-deeply-divided-future-path-us-134593000

[02] pm_response

interp: Kalshi ladder contract; the 3.75-4.0% range captures the modal pricing, with steep drop-off above 4.0% reflecting the divided Fed signal.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/june-fed-funds-upper-bound-seen-3-75-4-kalshi-55-34-2026-07-08/`
JSON	REST API for developers	`https://clearmarket.fyi/signals/june-fed-funds-upper-bound-seen-3-75-4-kalshi-55-34-2026-07-08.json`
MCP	agentic AI tool call (Claude Desktop, Cursor, Continue)	`clearmarket.get_signal("june-fed-funds-upper-bound-seen-3-75-4-kalshi-55-34-2026-07-08")`
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": "CMSIG2026070801",
  "published_at": "2026-07-08T18:44:48.000Z",
  "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 upper bound (later 2026 meeting)",
  "bullets": [
    "Kalshi ladder prices the implied upper bound in the 3.75-4.0% range: 55% above 3.75%, but only 34% above 4.0%.",
    "Fed minutes showing deep internal division are consistent with a market that cannot commit above 4.0%, leaving the modal outcome near 3.75-4.0%.",
    "A separate nearer-term Kalshi ladder (CM-EVT-PHWX2H6DM5) prices 99% above 3.50% for an earlier meeting, suggesting markets see near-term stability with divergence only at longer horizons.",
    "Resolves via Federal Reserve official rate announcement; any interim hawkish surprise at a future FOMC could shift the distribution sharply above 4.0%."
  ],
  "atomic_claims": [
    {
      "type": "news_event",
      "field_provenance": {
        "story": {
          "tier": "mediated",
          "method": "exa_search",
          "source": "ABC News",
          "source_url": "https://abcnews.com/US/wireStory/fed-minutes-officials-deeply-divided-future-path-us-134593000",
          "retrieved_at": "2026-07-09T10:56:21+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": "Fed minutes reveal officials are deeply divided over whether US inflation will stay elevated or cool, reflecting genuine uncertainty about the path of monetary policy.",
      "publisher": "ABC News",
      "published_at": "2026-07-08T18:44:48.000Z",
      "source_url": "https://abcnews.com/US/wireStory/fed-minutes-officials-deeply-divided-future-path-us-134593000"
    },
    {
      "type": "pm_response",
      "field_provenance": {
        "notes": {
          "tier": "editorial",
          "method": "llm_judge_cm_signal_v1"
        }
      },
      "notes": "Kalshi ladder contract; the 3.75-4.0% range captures the modal pricing, with steep drop-off above 4.0% reflecting the divided Fed signal."
    }
  ],
  "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": "ABC News: Fed minutes: Officials deeply divided over future path of US inflation",
      "url": "https://abcnews.com/US/wireStory/fed-minutes-officials-deeply-divided-future-path-us-134593000",
      "published_at": "2026-07-08T18:44:48.000Z",
      "retrieved_at": "2026-07-09T10:56:21+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 CMSIG2026070801 published 2026-07-08T18:44:48.000Z signature sha256-b2550c61f45… ← underlying event all signals →