ChainCatcher news, traders in the U.S. interest rate options market are still betting that the Federal Reserve will make at least one super-large rate cut this year, but it may not be done before the presidential election on November 5.

Recent options activities related to the secured overnight financing rate show that traders are increasingly positioning for a rate cut of about 150 basis points before the Fed's policy decision on January 29. This is the same as what the swap market is digesting now. To achieve this, without inter-meeting rate cuts, policymakers must implement at least half a percentage point cuts in two of the four meetings before January.