This market tracks changes to the upper bound of the target federal funds rate, as determined by the Federal Open Market Committee (FOMC) during its scheduled meeting on September 16–17, 2025.

It will resolve to the number of basis points (bps) by which the upper bound of the target range is changed compared to its level immediately prior to the September 2025 meeting.

If the rate change does not match an exact listed option, it will be rounded up to the nearest 25 bps for resolution.

Example: A 12.5 bps change will be treated as a 25 bps move.

Primary resolution source:

• The official FOMC statement released after the September 16–17, 2025 meeting:

  https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

• Confirmation via: https://www.federalreserve.gov/monetarypolicy/openmarket.htm

This market may resolve as soon as the FOMC releases its post-meeting statement. If no rate decision is published by the end of the next scheduled FOMC meeting, this market will resolve to “No change.”