the weighted average of the fed funds rate has edged higher. following the fed hike in december 2015, the fed funds average around 36 bp in january before moving into a 37-38 bp range. however, since the uk referendum it has been trading consistently around 40 bp.
the fed fund futures contract settles at the average effective fed funds rate for a given month, not at the policy rate. ahead of next week's fomc meeting where practically no one expects a change in policy, implied yield of the july fed funds futures contract is 40.25 bp.