Polymarket reports that the probability of the Federal Reserve keeping interest rates unchanged in January has risen to 99%.

According to Polymarket, the market forecasting the Fed's January interest rate decision shows traders expect the probability of the Fed keeping rates unchanged to have risen to approximately 99%. In contrast, the probabilities of a 25 basis point cut, a 50 basis point cut, and a rate hike of more than 25 basis points are all below 1%, with related contracts having accumulated to over $560 million in trading volume. Previously, Nick Timiraos, often referred to as the Fed's mouthpiece, stated that Fed officials were expected to keep rates unchanged this week for the first time since three consecutive rate cuts last September, and that the path to resuming rate cuts remained unclear.