US rate futures raise rate-pause odds in January; still see two cuts in 2026

Core Viewpoint - Futures on the federal funds rate indicate an increased likelihood that the Federal Reserve will pause its easing cycle at the upcoming policy meeting in January [1] Group 1 - The futures market reflects a shift in expectations regarding the Federal Reserve's monetary policy [1] - The focus is on the cost of unsecured overnight loans between banks, which is a key indicator of liquidity in the financial system [1]