According to Odaily, trading volume in the U.S. federal funds rate market surged to its highest level in approximately 18 months on Monday. This increase indicates that the Federal Home Loan Banks (FHLB) are lending excess dollars in this market. Data released by the New York Federal Reserve on Tuesday showed that as of December 23, the trading volume in the federal funds rate market rose to $119 billion, marking the highest level since July 2023, up from $113 billion on the previous trading day.