In August, federal funds futures were supported by strong buying, and adjustments were made to the Fed's decision to keep interest rates unchanged at 3.5%-3.75%. The interest rate hike premium of about 7 basis points in the contract was erased within seconds before the announcement of the policy at 2 p.m. New York time. The contract was still up about 7 fluctuating points on the same day. Approximately 40,000 futures contracts were traded within a minute before and after the announcement of the resolution at 2 p.m. The biggest single minute volume occurred at 2:03 p.m., when around 60,000 contracts were traded around 96.365. Final data from the Chicago Mercantile Exchange shows that during Tuesday's trading session, the number of open positions for the August contract exceeded 1 million for the first time. The capital flow over the past few weeks has mainly been dominated by sell-offs, including what appears to be another intense wave of short sell-offs in early trading today. Furthermore, the market currently does not include the “full interest rate hike” of the September policy meeting in pricing. Currently, the meeting still retains the interest rate hike premium of about 18 basis points, while the interest rate hike premium before the July Federal Reserve meeting was 25 basis points.

In August, federal funds futures were supported by strong buying, and adjustments were made to the Fed's decision to keep interest rates unchanged at 3.5%-3.75%. The interest rate hike premium of about 7 basis points in the contract was erased within seconds before the announcement of the policy at 2 p.m. New York time. The contract was still up about 7 fluctuating points on the same day. Approximately 40,000 futures contracts were traded within a minute before and after the announcement of the resolution at 2 p.m. The biggest single minute volume occurred at 2:03 p.m., when around 60,000 contracts were traded around 96.365. Final data from the Chicago Mercantile Exchange shows that during Tuesday's trading session, the number of open positions for the August contract exceeded 1 million for the first time. The capital flow over the past few weeks has mainly been dominated by sell-offs, including what appears to be another intense wave of short sell-offs in early trading today. Furthermore, the market currently does not include the “full interest rate hike” of the September policy meeting in pricing. Currently, the meeting still retains the interest rate hike premium of about 18 basis points, while the interest rate hike premium before the July Federal Reserve meeting was 25 basis points.