This market predicts the change in the upper bound of the target federal funds rate following the Federal Reserve's Federal Open Market Committee (FOMC) meeting in July 2025. Outcomes are based on the basis points change, with specific ranges defined for increases, decreases, and no change.

1. The Fed interest rate referenced is the upper bound of the target federal funds rate.
2. This market resolves by the basis point change from the level before the July 2025 FOMC meeting.
3. Changes not exactly matching options will be rounded up to the nearest 25 bps bracket.
4. Resolution will be based on the official FOMC statement issued after the July 29-30, 2025 meeting, found at the Federal Reserve's official calendar:[https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm\](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm). The target federal funds rate is also published at:[https://www.federalreserve.gov/monetarypolicy/openmarket.htm\](https://www.federalreserve.gov/monetarypolicy/openmarket.htm).
5. This outcome will resolve to YES if the upper bound of the target federal funds rate decreases by 50 basis points or more compared to the level prior to the July 2025 FOMC meeting.
6. If no change occurs, this market resolves to "No change".
7. If the meeting is canceled, rescheduled, or no statement is issued by August 31, 2025, the market resolves to "No change".
8. Resolution will happen upon the release of the July FOMC statement, expected July 30, 2025 (~19:00 UTC), or no later than September 1, 2025 if delayed.