Will the Federal Reserve Hike rates by >25bps at their September 2027 meeting
Leader sits at 78% across 15 bound outcomes, runner-up at 69%. This is a winner-take-all market — the headline is the leader’s price, not an arithmetic mean.
Leader probability
Fed maintains rate
Outcomes
15
winner-take-all
Runner-up
69¢
Fed maintains rate
Spread
9pp
contested
24h volume
$967K
liquid
Closes
Jan 26, 2028
532 days
Venue
Kalshi
15 bound
30-day trend
Bracket family
How the bracket ladder is priced.
Each row is one outcome on the venue. Sorted by 24h volume — the heaviest book is at the top.
Cluster 1
Will the Federal Reserve
Will the Federal Reserve Hike rates by 0bps at their September 2026 meeting?: Fed maintains rate
KXFEDDECISION-26SEP-H0
Will the Federal Reserve Hike rates by 25bps at their September 2026 meeting?: Hike 25bps
KXFEDDECISION-26SEP-H25
Will the Federal Reserve Cut rates by 25bps at their October 2026 meeting?: Cut 25bps
KXFEDDECISION-26OCT-C25
Will the Federal Reserve Hike rates by 25bps at their December 2026 meeting?: Hike 25bps
KXFEDDECISION-26DEC-H25
Will the Federal Reserve Hike rates by 0bps at their October 2026 meeting?: Fed maintains rate
KXFEDDECISION-26OCT-H0
Will the Federal Reserve Hike rates by 25bps at their January 2027 meeting?: Hike 25bps
KXFEDDECISION-27JAN-H25
Will the Federal Reserve Hike rates by 25bps at their October 2026 meeting?: Hike 25bps
KXFEDDECISION-26OCT-H25
Will the Federal Reserve Hike rates by 0bps at their July 2027 meeting?: Fed maintains rate
KXFEDDECISION-27JUL-H0
Will the Federal Reserve Hike rates by 0bps at their January 2027 meeting?: Fed maintains rate
KXFEDDECISION-27JAN-H0
Will the Federal Reserve Hike rates by 0bps at their October 2027 meeting?: Fed maintains rate
KXFEDDECISION-27OCT-H0
Will the Federal Reserve Hike rates by 0bps at their December 2026 meeting?: Fed maintains rate
KXFEDDECISION-26DEC-H0
Will the Federal Reserve Hike rates by 0bps at their September 2027 meeting?: Fed maintains rate
KXFEDDECISION-27SEP-H0
Will the Federal Reserve Cut rates by 25bps at their December 2026 meeting?: Cut 25bps
KXFEDDECISION-26DEC-C25
Will the Federal Reserve Cut rates by >25bps at their December 2027 meeting?: Cut >25bps
KXFEDDECISION-27DEC-C26
Will the Federal Reserve Cut rates by 25bps at their December 2027 meeting?: Cut 25bps
KXFEDDECISION-27DEC-C25
Analysis
This contract measures whether the Federal Reserve will maintain interest rates unchanged at their September 2027 meeting, which markets currently assess at 84% probability based on trading activity. The high probability reflects expectations that inflation will remain near target and economic conditions will stabilize by late 2027, reducing pressure for rate changes. The primary drivers moving this probability would be shifts in inflation data, labor market conditions, and Fed communications over the next 15 months. The next major catalyst is the Fed's September 2026 meeting in roughly three months, which will signal the Committee's near-term policy stance and inform expectations for 2027. Subsequent inflation reports, employment data, and any Fed guidance changes will incrementally adjust market expectations for the September 2027 outcome as traders refine their economic forecasts across the forecast horizon.
- ›Current market pricing shows 84% probability of no rate change in September 2027, with 15% probability assigned to a 25bps hike and minimal probability to cuts
- ›The nearest-term contract (July 2026) shows 84% probability of no change, suggesting traders expect rate stability to persist through the intermediate term
- ›September 2026 contracts price in 60% probability of no change and 3% probability of a 25bps cut, indicating some expectation of easing before 2027
- ›Trading volume is concentrated in the July 2026 near-term contract ($52,675 24h volume), with volume declining significantly for later-dated contracts
- ›The outcome depends critically on inflation trajectory, labor market resilience, and Fed communication between now and September 2027—approximately 15 months of economic data and policy guidance remain to be released
What moved the line
- Aug 7Fed maintains rate↑14pp49→63¢ · Kalshi
- Aug 6Fed maintains rate↓10pp62→52¢ · Kalshi
- Aug 7Hike 25bps↓8pp48→40¢ · Kalshi
- Aug 8Hike 25bps↓6pp40→34¢ · Kalshi
- Aug 10Fed maintains rate↓5pp64→59¢ · Kalshi
Recently closed in fed rate
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These markets stopped trading. Last odds and any captured outcome are shown above — full settlement detail lives at the venue.
More like this
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In fed rate
Related reading
Fed Rate Decision: A Pivot Point for Markets
The highest-volume market overall is the Fed's September 2026 rate decision. The 63¢ price for a 'no hike' suggests a strong consensus for a pause, but the 36¢ for a 25bps hike indicates significant tail risk.
Fed September Meeting in Focus; 0 bps Hike at 49¢ on 351k Volume
September 2026 FOMC meeting markets show near 50/50 odds of a hike vs hold, with total volume over 400,000. The cumulative rate cut count market (KXRATECUTCOUNT-26DEC) prices zero cuts at 86¢.
How we compute these odds
SimpleFunctions aggregates live prediction-market contracts from Kalshi and Polymarket. Each slug groups contracts that resolve on the same underlying event, identified by venue event_id.
For binary slugs, the headline probability is the liquidity-weighted mid-price across all bound contracts. For multi-outcome slugs (e.g. elections with 3+ candidates), the headline is the leader’s price; we never arithmetically average disjoint outcomes — that would produce a number with no real-world meaning.
Snapshots refresh every 5 minutes during market hours; daily aggregates are computed at 04:00 UTC. The 30-day sparkline is drawn from per-ticker daily means stored in market_indicator_daily; 24h delta and movement events are derived from the same source.
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