30 DAY FEDERAL FUNDS - OVERVIEW

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.

Latest Interest Rates news

Features and benefits

Highly liquid

Gain access to deep liquidity and manage risk or express a view on changes in Fed monetary policy.

Market indicator

Fed Fund futures provide a gauge of market expectations about the Fed’s action at future FOMC meetings.

Efficient markets

Trade in transparent markets with low transaction costs, daily mark-to-markets and virtual elimination of counterparty credit risk.

Spread opportunities

Create spreads against other short-term interest rate contracts in the CME Group suite of interest rate products, including Eurodollar and SOFR futures.

Explore this product in depth

Review contract highlights

Contract Unit

$4,167 x Contract IMM Index

Price Quotation

Contract IMM Index = 100 minus R

Product Code

CME Globex: ZQ
CME ClearPort: 41
Clearing: 41

Trading Hours

CME Globex:
5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT

Products

SOFR futures

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%.

Fed Fund resources

A Practitioner's Guide to STIR Contract Amendments

Get an overview of the contract amendments made to Eurodollar futures and 30-Day Federal Funds futures effective, November 17, 2018

30-Day Fed Funds Settlement

View the latest final settlement price and implied average daily effective federal funds rate.

Introduction to CME FedWatch

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.

Using the Fed Dot Plot to Inform Your Strategies

Paired with Fed Fund futures pricing, the Fed "Dot Plot" can offer valuable insights for trading.

View the latest insights on trends in the Interest Rate futures and options market.

Courses

Take self-guided courses on Federal Fund futures and options products.

If you're new to futures, the courses below can help you quickly understand the Federal Fund market and start trading.

Contact an Interest Rate expert

Connect with a member of our expert Interest Rate team for more information about our products.

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