The Federal Reserve's monetary policy decisions throughout 2026 will determine the total number of rate cuts. This market focuses on whether the Federal Reserve cuts rates exactly 11 times during the calendar year, with each Federal Open Market Committee meeting representing a potential decision point. The current 0% implied probability on YES suggests traders expect either fewer than 11 cuts or more than 11 cuts in 2026. To reach 11 cuts would require rate-cut decisions at roughly every other meeting—a significant cutting cycle that would typically signal heightened economic weakness or a sharp decline in inflation pressure. The Fed's current monetary stance and recent economic data shape expectations: inflation trajectory, labor market strength, financial conditions, and global economic factors all influence policy direction. Resolution occurs on December 31, 2026, when the final meeting of the year concludes. Historical context matters: achieving 11 rate cuts in a single year is rare and typically only occurs during significant economic stress or disinflationary episodes. This market allows traders to price their expectations about the Federal Reserve's full-year 2026 policy path without requiring specific timing knowledge of individual meeting decisions.