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On 23 April 2022, the closing price of the May 2022 30-day interbank cash rate contract was 98.11. The Reserve Bank of Australia (RBA) had
On 23 April 2022, the closing price of the May 2022 30-day interbank cash rate contract was 98.11. The Reserve Bank of Australia (RBA) had a board meeting scheduled for 3 May 2022 and the current overnight cash rate was 2 per cent per annum. On 23 April, what was the probability implied by the price of the May 2022 30-day interbank cash rate contract that the RBA would decrease the cash rate to 1.5 per cent at its May meeting?
Do not include the percentage symbol. For example 10% should be written as '10'
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