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Data source: Polymarket: The probability of the Federal Reserve keeping interest rates unchanged in January is 80%. The probability of a cumulative 25 basis point rate cut by March is 43%, and the probability of keeping rates unchanged is 54%. It's unclear where the CME "FedWatch" data in Figure 2 came from; it might be based on speculative polls, or perhaps real bets on Polymarket are more reliable. #Polymarket

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