March 15, 2026 - March 18, 2026, the price of the '3.9%' option plunged from 75.5c to 60.7c, and the '3.8%' option fell from 75c to 61.5c. The cause was a sharp reversal in sentiment: while the negative NFP print earlier in the month sparked recession panic, the subsequent days (Mar 13-18) saw an Iran-related oil spike and a hot PPI reading, reigniting inflation fears. The Fed's decision to hold rates steady on March 18 confirmed that fighting inflation remains the priority, pushing the 10-year yield back above 4.22% and forcing the prediction market to unwind its previous 'recession trade' premium.
March 5, 2026 - March 6, 2026, the '3.9%' option surged from ~56c to 85c, driven by the shocking February Non-Farm Payrolls (-92k jobs), which triggered extreme recession panic and bets on imminent, aggressive Fed rate cuts.