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Real-time market-implied odds

See where rates are headed.Before the meeting.

Market-implied probabilities for Fed and ECB interest-rate decisions, with historical tracking over days and weeks. Computed from Fed Funds Futures and €STR OIS. Never scraped.

methodology v1.2.0·2m ago·git

Next decision
European Central Bank · July 23, 2026

Hold rates

Current policy rate 2%. Market puts 100% on this outcome.


Most likely path · cumulative
Fed path
Most-likely outcome at each upcoming meeting, chained in order.
Cumulative pricing
+29 bps by Dec 9
FED
Jul 29
Hold
90%
Σ +3bp
→
FED
Sep 16
+25bp
51%
Σ +15bp
→
FED
Oct 28
Hold
81%
Σ +20bp
→
FED
Dec 9
Hold
66%
Σ +29bp
ECB path
Most-likely outcome at each upcoming meeting, chained in order.
Cumulative pricing
+0 bps by Dec 17
ECB
Jul 23
Hold
100%
Σ +0bp
→
ECB
Sep 10
Hold
100%
Σ +0bp
→
ECB
Dec 17
Hold
100%
Σ +0bp

Implied rate curves
Implied policy-rate path
Federal Reserve. Expected rate at each upcoming meeting, derived from today's probability distribution.
Implied policy-rate path
European Central Bank. Expected rate at each upcoming meeting, derived from today's probability distribution.

Per-meeting probabilities · Fed

Wednesday, July 29, 2026

FOMC meeting · FED

Most likely
Hold · 90%
OutcomeProbabilityMoved · last 8dPost-meeting rate
-50bp0.0%·flat3.125%
-25bp0.0%·flat3.375%
Hold90.0%▲+20.0pp3.625%
+25bp10.0%▼-20.0pp3.875%
+50bp0.0%·flat4.125%
Probability history · last 60 days
-50bp-25bpHold+25bp+50bp
View full details →

Wednesday, September 16, 2026

FOMC meeting · FED

Most likely
+25bp · 51%
OutcomeProbabilityMoved · last 8dPost-meeting rate
-50bp0.0%·flat3.150%
-25bp0.0%·flat3.400%
Hold48.6%·flat3.650%
+25bp51.4%·flat3.900%
+50bp0.0%·flat4.150%
Probability history · last 60 days
-50bp-25bpHold+25bp+50bp
View full details →

Wednesday, October 28, 2026

FOMC meeting · FED

Most likely
Hold · 81%
OutcomeProbabilityMoved · last 8dPost-meeting rate
-50bp0.0%·flat3.279%
-25bp0.0%·flat3.529%
Hold81.4%▲+10.0pp3.779%
+25bp18.6%▼-10.0pp4.029%
+50bp0.0%·flat4.279%
Probability history · last 60 days
-50bp-25bpHold+25bp+50bp
View full details →

Per-meeting probabilities · ECB

Thursday, July 23, 2026

ECB Governing Council · ECB

Most likely
Hold · 100%
OutcomeProbabilityMoved · last 8dPost-meeting rate
-50bp0.0%·flat1.750%
-25bp0.0%·flat2.000%
Hold100.0%·flat2.250%
+25bp0.0%·flat2.500%
+50bp0.0%·flat2.750%
Probability history · last 60 days
-50bp-25bpHold+25bp+50bp
View full details →

Thursday, September 10, 2026

ECB Governing Council · ECB

Most likely
Hold · 100%
OutcomeProbabilityMoved · last 8dPost-meeting rate
-50bp0.0%·flat1.750%
-25bp0.0%·flat2.000%
Hold100.0%·flat2.250%
+25bp0.0%·flat2.500%
+50bp0.0%·flat2.750%
Probability history · last 60 days
-50bp-25bpHold+25bp+50bp
View full details →

Thursday, December 17, 2026

ECB Governing Council · ECB

Most likely
Hold · 100%
OutcomeProbabilityMoved · last 8dPost-meeting rate
-50bp0.0%·flat1.750%
-25bp0.0%·flat2.000%
Hold100.0%·flat2.250%
+25bp0.0%·flat2.500%
+50bp0.0%·flat2.750%
Probability history · last 60 days
-50bp-25bpHold+25bp+50bp
View full details →

Data computed in-house from Fed Funds Futures (Yahoo Finance) and €STR OIS quotes using the public CME methodology. Not financial advice.

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