30-Day Fed Funds 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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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
Products
Efficient hedging for euro overnight rates
Now trading: Euro Short-Term Rate (€STR) futures can provide a liquid, capital efficient, and off-balance sheet tool for hedging European overnight money markets.
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.
Related information
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.
