What does federal funds trading volume measure?

The metric measures the total value of unsecured overnight loans between domestic financial institutions.

Why is this trading turnover important to financial markets?

The trading scale reflects the direct turnover volume of cash and the demand for covering required reserves among banks.

Does low turnover volume imply a lack of market liquidity?

Not necessarily; low turnover can stem from banks already holding ample excess reserves, eliminating the need to borrow from one another.

US EFFR Effective Federal Funds Rate Trading Volume

Name: US EFFR Effective Federal Funds Rate Trading Volume
Creator: New York FED (Markets Data API)
License: https://creativecommons.org/licenses/by/4.0/

US EFFR Effective Federal Funds Rate Trading Volume stood at 118 USD billion on Oct 15, 2026, according to New York FED (Markets Data API). It is one of the indicators in the Money market turnover table (Value · Daily), with a complete series running from Jan 2, 2018 to Oct 15, 2026. The complete series with an interactive chart, free to download.

Source: New York FED (Markets Data API)Last updated: Oct 16, 2026, 22:34 UTCCurated by Bui Thanh Phuc

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This indicator in the Money market turnover table

Indicator	15-10-2026	14-10-2026	13-10-2026	09-10-2026	08-10-2026	07-10-2026	06-10-2026	05-10-2026	02-10-2026	01-10-2026
EFFR - Effective Federal Funds Rate	118	111	106	110	117	108	120	121	118	120
SOFR - Secured Overnight Financing Rate	3,025	2,974	3,000	2,961	2,963	2,968	2,997	3,007	3,013	3,067
TGCR - Treasury Repo	1,189	1,189	1,195	1,199	1,189	1,181	1,180	1,168	1,174	1,178

Understanding US EFFR Effective Federal Funds Rate Trading Volume

The federal funds effective rate index measures the total volume of overnight unsecured cash loans between depository institutions in the United States, as published by the Federal Reserve Bank of New York. Data collection focuses exclusively on domestic transactions between commercial banks and authorized financial institutions, excluding offshore overnight foreign currency deposits. Daily figures reflect preliminary estimates from clearing systems and are subject to revisions when reporting discrepancies arise. Analysts should account for scheduled holiday contractions and quarter-end settlement spikes when examining historical series alongside target rate corridors.

Frequently asked questions

What does federal funds trading volume measure?: The metric measures the total value of unsecured overnight loans between domestic financial institutions.
Why is this trading turnover important to financial markets?: The trading scale reflects the direct turnover volume of cash and the demand for covering required reserves among banks.
Does low turnover volume imply a lack of market liquidity?: Not necessarily; low turnover can stem from banks already holding ample excess reserves, eliminating the need to borrow from one another.