Federal Funds Futures Hit Record Trading Volume as Traders Bet on July Rate Hike

According to CME data released on Thursday (June 18), bond traders dramatically adjusted rate expectations following Fed Chair Kevin Warsh's first policy meeting, driving federal funds futures trading volume to a historic high. Over 500,000 federal funds futures contracts traded hands, approximately four times the average for the past 20 trading sessions and marking the highest volume on record.
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