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.

Fed Fund Futures

Product	Last	Change	Chart	Globex Vol

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
- Track Rate Hike Probability

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.

Fed Fund Resources

Fed Funds Fact Card
Learn all you need to know about CME Group Fed Fund futures options, including contract specifications.

Fed Fund Futures as a Predictive Tool
30-Day Fed Fund futures represent a direct reflection of collective marketplace insight regarding the future course of Fed monetary policy.

30-Day Fed Funds Settlement
View the latest final settlement price and implied average daily effective federal funds rate.

Related Information

Short-Term Interest Rate Intercommodity Spreads (ICS)
CME Globex listed STIR ICS offer efficient execution of a common trading strategy, reduced leg risk on executions and formation of spread liquidity.

STIR Analytics Tool
Analyze the spread between Eurodollar futures and Fed Fund futures over time - from one week to one year.

Video: 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.

Video: 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.

More in Interest Rates

Send Us Feedback

Who We Are

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.