In my recollection the fed actually ruled out a 75 bps hike back in the summer for basically no reason which many thought was a huge mistake then quickly revers

In my recollection the fed actually ruled out a 75 bps hike back in the summer for basically no reason which many thought was a huge mistake then quickly reversed course when cpi came in much higher than expected and did hike 75. Yet another reason why they have very little credibility. Link for reference: https://www.marketwatch.com/story/unhinged-markets-followed-unforced-error-by-feds-powell-says-david-tepper-11651873067 https://www.marketwatch.com/story/unhinged-markets-followed-... Fed funds futures predict what they will do -> cnbc talking heads use fed funds futures in their predictions -> the fed does what everyone thinks they will, rinse and repeat