Thinking in Markets

S1E103 - When the Average Cut Is Not the Most Likely Cut


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Michelle and Vox unpack a quiet source of confusion in Fed watching: futures can still imply some easing on average even when options suggest no rate change is the single most likely outcome. By the end, listeners will understand mean versus mode, why Fed funds futures are not the same as SOFR or Treasury bill yields, and how to read rate expectations without forcing them into one simple story.

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Thinking in MarketsBy Vox