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Most Traders Read the Fed Watch Tool Wrong. The Headline Number Isn't the Odds | CME x tastylive

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ticker lesson

Breakdown

0:00lesson

Fed meeting uncertainty and market focus

  • Fed meeting decision uncertain
  • Market watches Fed Watch tool
  • PPI and CPI reports upcoming
1:32lesson

Fed Watch tool mechanics

  • Fed funds futures reflect market expectations
  • 100 minus rate = futures price
  • ZQ contract tracks 2026 rates
3:22SRZ3· ticker

Sofur contract analysis

  • Sofur tracks short-term rates
  • Secured rate trades lower than Fed funds
  • Used for Fed action views
4:59ZQ· ticker

ZQ contract dynamics

  • ZQ tracks 2026 Fed funds
  • Arithmetic average of effective rates
  • September 16 meeting focus
6:43lesson

Fed rate probability analysis

  • 58.4% hike chance for September
  • 53.9% + 15.5% for October
  • 42% + 35% + 7.9% for December
8:31lesson

Rate curve dynamics

  • Short-term vs long-term rate control
  • 30-year rates near 2007 highs
  • Besson's bond buybacks impact
10:09lesson

Historical rate insights

  • 2022 inversion of 2-year vs 10-year
  • 100 basis point spread
  • Recession prediction correlation
11:38ZN· ticker

ZN futures analysis

  • 10-year yield tracking
  • Bond prices inversely correlate
  • Mortgage rate implications
13:02ZB· ticker

ZB futures dynamics

  • 30-year bond yield tracking
  • Inflationary debt impact
  • Long-end curve behavior
14:46SRZ3· ticker

Sofur market reactions

  • Sofur price reflects rate expectations
  • Bessant narrative impact
  • 959 level implications
16:31lesson

Curve trading strategies

  • Short-end vs long-end trading
  • Steepener/bull flattener positions
  • Inflation expectations impact
18:08lesson

Market instrument portfolio

  • Multiple products for granular trading
  • Rate vs rate reaction analysis
  • Short-term vs long-term focus

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