Fed Funds futures reacted by extending the already elevated Funds Funds rates for next year, but it did show some skepticism of the Fed's SEP by expecting rate cuts by September 2023.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqVrvSBleBnHCpzA0_KkipTvbjzcIuEru9DEfCj89XA-l0aVBuall2MUeP6Bq9pfR5gfAOA28AmldRMnS57IO3D09GFWwDi-ORKJEh8e3sFmWOOSRWSiEX0xdjOEnRCtG64Rpxw9DdUJVP_ASJfknihzbN4zAPoOfzCWjpJloIsx4dfsCuCZ4HwJhP6Q/w331-h400/Fed%20Funds%20probability.png)
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