CME · 10-Q · 2026Q2 · Full report

Interest Rate Environment

CME GROUP INC. · 2026-07-24 · Importance 31 · Surprise 32

Interest-rate contract volume declined in the second quarter of 2026 as market volatility decreased and participants had greater certainty regarding the Federal Reserve’s future policy decisions. First-half interest-rate volume increased because the Middle East conflict created initial uncertainty about Federal Reserve policy. Lower Federal Funds rates reduced the average return on reinvested cash performance bond and guaranty fund balances, with related earnings declining to $1,388.8 million in the second quarter from $1,487.6 million in the prior-year quarter.

Key facts

• SOFR futures and options average daily volume for futures expiring within two years in the quarter ended June 30, 2026: 3,009 (amounts in thousands). source