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*** Fed funds futures volumes.....>

FED FUNDS FUTURES
FED FUNDS FUTURES: *** Fed funds futures volumes remains well above average as
bank and FI fund managers continue to hedge short term rate risk, specs taking
opportunity to trade risk around upcoming Jun and July FOMC meetings.
* Since last Friday's massive Jul FF volume (FFN cleared 340,757 after initial
100k buy at 97.635, well-over initial OI w/ open interest up to 284,276 on flow;
FFQ volume a distant second last Fri w/ 112,484 cleared, but well over avg).
* Wednesday post FOMC IOER cut annc saw FFN climb to 97.65 briefly on volume of
25k (appr 50k traded on day from 97.62-625.
* Today's block buy of 15,885 FFK 97.5975, pushes session volume in May futures
up to 144,692 -- well over avg 30-day volume of 44,925.

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