The US federal interest rate futures is a kind of interest rate futures contract, which is generally based on a US$ 5 million federal fund with a term of 30 days, reflecting the market's expectation of the US federal fund interest rate. The federal funds rate in the United States is the interest rate between deposit institutions in the case of unsecured loan reserve balance. The Federal Reserve stipulates that deposit institutions must pay part of their deposits as reserves, so institutions with insufficient funds will borrow from institutions with more excess reserves. The interest rate is determined by both parties through consultation, and the average is the federal funds rate.

As the benchmark interest rate in the United States, the federal funds rate is the primary indicator of the Federal Reserve's monetary policy. The Federal Open Market Committee of the Federal Reserve usually meets eight times a year to discuss the federal funds interest rate target. The change of this goal is the trend of the Fed to raise interest rates and cut interest rates.