The CME Group Fed Watch tool automatically calculates the probability of changes to the Fed Funds target rate based on CME Group's Fed Funds futures contracts. FOMC meetings are matched with the corresponding 30-Day Fed Funds futures contract. Probabilities of possible Fed Funds target rates are calculated based on the post-meeting Fed Fund futures contract price, and the probability of a rate hike is calculated by adding the probabilities of all target rate levels of 0.5% or higher.
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