30-Day Fed Funds futures 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.
Gain access to deep liquidity and manage risk or express a view on changes in Fed monetary policy.
Fed Fund futures provide a gauge of market expectations about the Fed’s action at future FOMC meetings.
Trade in transparent markets with low transaction costs, daily mark-to-markets and virtual elimination of counterparty credit risk.
Create spreads against other short-term interest rate contracts in the CME Group suite of interest rate products, including Eurodollar and SOFR futures.
$4,167 x Contract IMM Index
Contract IMM Index = 100 minus R
CME Globex: ZQ
CME ClearPort: 41
5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
As the leading source of liquidity on the Secured Overnight Financing Rate (SOFR), CME SOFR futures are increasingly relied upon for managing exposure to short-term funding markets. SOFR futures trade alongside Eurodollars and Fed Funds to offer seamless spread trading and margin offsets of up to 70%.
Get an overview of the contract amendments made to Eurodollar futures and 30-Day Federal Funds futures effective, November 17, 2018
View the latest final settlement price and implied average daily effective federal funds rate.
Gain a better understanding of the CME FedWatch tool, which uses 30-Day Fed Fund futures prices to gauge the probability of an upcoming rate hike.
Paired with Fed Fund futures pricing, the Fed "Dot Plot" can offer valuable insights for trading.
If you're new to futures, the courses below can help you quickly understand the Federal Fund market and start trading.
Connect with a member of our expert Interest Rate team for more information about our products.