The questions that set the curve
Meeting outcomes, first-cut timing, terminal rates — anything the FOMC calendar can resolve.
A calibrated probability of a cut, with the statement language and data that drive it.
A distribution over meetings — median timing plus the odds by each checkpoint you care about.
A probability on every path, not just the consensus one.
The data that moves the Fed, forecast on the same footing as the Fed itself.
A full distribution over terminal levels, with the probability mass shown per range.
Communication questions too — the panel reads Fed speak so you don’t have to.
Not just a futures-implied number
Market-implied probabilities tell you what is priced, never why. Here every probability ships with the argument that produced it — and the counterarguments it survived.
Statements, minutes, testimony, speeches, SEP projections, and this morning’s data — pulled live at forecast time, cited in the report.
Multiple independent models argue hawk and dove. The spread between them is reported, not averaged away — you see how contested the call is.