
Federal funds futures trading hits a new high at the end of the quarter
Due to the tight risks in the short-term financing market at the end of the quarter, investors are pouring into futures linked to the Federal Reserve's benchmark overnight rate at a record pace. As of 10:30 AM New York time (10:30 PM Beijing time), the trading volume of federal funds futures expiring in September approached 500,000 contracts. Traders use federal funds futures to bet on the direction of the Federal Reserve's benchmark overnight rate. This level surpasses the previous record set on April 3, when U.S. President Trump announced comprehensive tariffs, disrupting the market. These futures began trading on the Chicago Mercantile Exchange in 1988

