On the next Fed rate hike path
Watching the Polymarket contracts for the next Fed rate hike. The odds for a 25bps hike at the March meeting have been pretty steady around 80%, but the implied probability for a 50bps hike at the May meeting has been creeping up slightly from what I've seen. If we get a strong CPI print again, I think we'll see that 50bps probability really jump, invalidating the current market consensus for a more gradual tightening cycle. It's a key spot to watch for a shift in expectations.
Yeah, it's interesting to see those Polymarket numbers. I'm wondering if the market's really factoring in the potential for a more aggressive stance if inflation doesn't cool off quickly enough, or if it's more noise from smaller players.