NO.PZ2018113001000078
问题如下：
Which of the following statements is incorrect?
选项：
A.Fed funds futures are traded on the Chicago
Board of Trade, and the Fed funds futures contract price = 100 – Expected FFE
rate
For the longer-term horizon, probabilities
extrapolated from fed funds futures prices are generally weak predictors.
The effective federal funds rate, which is
the rate that depository institutions actually trade with each other, is the
same as the Fed's target federal funds rate
解释：
C is correct.
联邦基金期货在芝加哥交易所交易:联邦基金期货合约价格= 100 -预期FFE利率. A 表述正确。
长期来看,从联邦基金期货价格推断的概率通常没有很强的预测能力，也就是越策能力很弱。B表述正确。
要推导美联储利率行动的概率，市场参与者就要看联邦基金期货的定价，它与FFE利率挂钩，FFE是指存款机构之间实际交易的利率，而不是美联储的目标联邦基金利率。C表述错误。
请问FFE是指存款机构之间实际交易的利率，而不是美联储的目标联邦基金利率？如何理解？
