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Fed Funds Futures: Compute average effective rate

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The 30 day fed funds futures trade on the CBOT and can be used to gauge the markets expectations of future fed funds rates. The February 2006 contract settled at 95.500 on 10/31/2005. If you expected no fed funds changes during February 2006, what would you expect the average effective rate to be during February 2006?

http://www.cbot.com/
http://www.clevelandfed.org/research/policy/fedfunds/faq.cfm

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The expert determines Fed Funds future by computing the average effective rate.

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