CME FedWatch

$11 Billion in Bitcoin Options Set to Expire Ahead of Fed Meeting
CME FedWatch shows 18.3% odds of a Fed rate hike on Oct. 28
Federal Reser
2026-10-08 00:52:15

Fed minutes show all 19 policymakers backed September hike, with most seeing one more increase this year

Minutes from the Federal Reserve’s Sept. 15-16 Federal Open Market Committee meeting showed unanimous support among 19 senior officials for a 25-basis-point rate increase, lifting the federal funds target range to 3.75%-4.00%. The document said most participants believed another increase could be appropriate before year-end, while also stressing that future decisions would depend on incoming data and would be taken meeting by meeting. The minutes, released Wednesday, highlighted a hawkish consensus on the September move even as officials differed on the rationale behind it. Some saw the hike as a form of risk management, providing insurance against inflation staying above the 2% goal if demand remained stronger than expected or supply conditions worsened again. Others argued that a higher policy rate was necessary to keep recent shocks, including energy prices, from spreading into a broader range of goods and services prices. Market pricing has shifted since the meeting. After weaker-than-expected employment data and comments from several officials signaling there was no need to rush, investors now see the Fed as more likely to hold rates steady at its Oct. 27-28 meeting and raise again in December. CME FedWatch shows the implied probability of a 25-basis-point move in October has fallen to below 20%, down from about 70% in the days after the September decision.

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