
The Underlying will be the published median year-end 2026 federal funds rate projection in the Summary of Economic Projections, not the midpoint or bounds of the federal funds target range unless that is how the Federal Reserve publishes the relevant value.
Clarification (6/20/2026): If the Federal Reserve does not publish a Summary of Economic Projections in connection with the September 16, 2026 FOMC meeting, or if the Summary of Economic Projections does not include a median year-end 2026 federal funds rate projection, all markets resolve to No.