Pick a meeting and an outcome, for example “Fed cuts 25bp in March”, and see how the market-implied path for the following meetings re-anchors on that assumption.
What-if scenario. Assumes the subsequent meetings' market-implied distributions are unchanged (independence) and re-anchors the path on the selected outcome. This is not a forecast.
Baseline (today's market path)
Implied policy-rate path
Federal Reserve. Expected rate at each upcoming meeting, derived from today's probability distribution.
Conditional (none)
This is the last scheduled meeting, so there is no subsequent path to project. Pick an earlier meeting.