This market will resolve to "Yes" if the midpoint of the Federal Reserve's target federal funds rate (the midpoint of the announced target range) is at least 0.50 percentage points (50 basis points) lower than the midpoint in effect at the time this market is created, at any time after this market's creation and before January 1, 2027 - 00:00 UTC.

Otherwise this market will resolve to "No."

For the purposes of this market:

- "Rate in effect at market creation" means the midpoint of the Fed's announced target federal funds range published on federalreserve.gov at the time this market is created.

- Only official changes announced by the Federal Reserve (FOMC statements, Federal Reserve Board press releases, or other official Fed communications) that alter the target range count; use the midpoint of the announced range ((upper + lower) / 2). If the Fed announces a single target rate, use that value.

- The market considers the maximum net decrease relative to the creation-time midpoint observed at any time before the resolution deadline. Temporary intraday fluctuations in the effective federal funds rate that are not accompanied by an official change in the Fed's target range do not qualify.

- If official Fed communications are unavailable or ambiguous, the outcome will be determined by consensus of credible reports.