Fed Fund Futures and Options

30-Day Fed Fund futures and options are one of the most widely used tools for hedging short-term interest rate risk. Fed Fund futures are a direct reflection of collective marketplace insight regarding the future course of the Federal Reserve’s monetary policy.

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Key Benefits

  • Provide a gauge of market expectations about the Fed’s action at future FOMC meetings
  • Offer trading in transparent markets with low transaction costs, daily mark-to-markets and virtual elimination of counterparty credit risk
  • Offer liquid tools to manage risk or hedge against changes in Fed monetary policy
  • Allow spreading against other short-term interest rate contracts in the CME Group suite of interest rate products, including Eurodollar futures and options

CME FedWatch Tool

Check today’s Fed rate hike probability with the CME FedWatch tool, which uses CME Group 30-Day Fed Fund futures prices to gauge the probability of an upcoming rate hike.


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