Fed Decision Market Watch · September 18, 2026 · checked 13:38 UTC

October’s 25 bp-hike row leads on two direct event pages

Answer. At 13:38 UTC, the named 25 bp-hike row was first on both direct October pages. Kalshi displayed 52% for “Hike 25bps” and 46% for “Fed maintains rate.” Polymarket displayed 53% for a 25 bp increase and 46% for no change. Since the matched 19:03 UTC check on September 17, the named hike rows rose 5 and 4 percentage points, while the named no-change rows each fell 6. These are separate venue-specific event contracts, not a consensus or a futures-implied estimate.

Like-for-like movement on the same pages

Direct page	Sep. 17 · 19:03 UTC	Sep. 18 · 13:38 UTC	Named-row change
Kalshi October	52% maintain rate; 47% Hike 25bps	46% maintain rate; 52% Hike 25bps	Maintain rate −6 percentage points; Hike 25bps +5 points
Polymarket October	52% no change; 49% 25 bp increase	46% no change; 53% 25 bp increase	No change −6 percentage points; 25 bp increase +4 points

Each comparison uses the same named direct page at two pool access times. Neither page supplied a separate reliable quote time, so the table records access time. The move is observed; no price sequence around a release was captured, and no cause is assigned.

One October meeting, not a year-end path

These rows settle on the October FOMC decision. They do not answer the probability of at least one further increase by year-end, how many decisions might change, or what another asset will do. A community headline can bundle those questions together; the contract rules do not.

What remains outside the headline

Kalshi also displayed 2% for “Hike >25bps” and hid two further outcomes. Polymarket displayed smaller rounded rows beside the two leading rows. The pool does not add them, infer residuals, or portray either page as a complete distribution.

Next official testable dates

Official calendars list August JOLTS on September 29 at 10:00 ET, August Personal Income and Outlays on September 30 at 08:30 ET, and September-meeting minutes on October 7 at 14:00 ET. These dates tell readers when new official information arrives; they do not explain the observed contract movement.

What did not become comparable

CME FedWatch describes its tool as probabilities implied by 30-Day Fed Funds futures prices. Its live October grid remained unreadable in this check. The pool therefore does not insert a third-party CME figure or calculate a spread against the two event contracts.

Limits. A named lead is not a trader census, an inevitable policy result, a causal story, or a portfolio instruction. The official September decision remains a separate record: the FOMC raised the target range by 25 bp to 3.75%–4.00% in a 12–0 vote.