CBOT: Fed Funds Volume Sets Record At 59,103 Contracts

Volume in the Chicago Board of Trade Fed Funds Futures contract on June 27 set a new record at 59,103 contracts, surpassing the previous high of 43,860, set on April 18, 2001.

Open Interest in Fed Funds futures set successive records at 127550 on June 27, 127,240 on June 26 and 124,657 on June 25, reflecting increased investor interest and absorption in the interest rate decisions from the Federal Reserve's Open Market Committee.

Institutions and money managers follow the actions of the Fed Open Market Committee for interest rate news and use the Fed Funds contract to hedge their interest rate exposure.