Prediction Market Traders Raise Fed Rate Hike Odds 9.7% in 24 Hours Before FOMC Decision

According to Polymarket, odds of a Federal Reserve rate hike jumped 9.7 percentage points to 26.65% in the past 24 hours, ahead of the FOMC meeting on July 28-29. On Myriad, the odds of a 25-basis-point hike also climbed 8% to 27%, while Fed-funds futures put the probability of an increase at 37.6% as of Monday afternoon. The Fed's interest-rate decision will be announced on July 29 at 2 p.m. Eastern time.
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