Two large bets on the Federal Fund interest rate futures market have caught Wall Street's attention, as they run completely counter to the current market's expectations for interest rate cuts. If expectations for a rate cut in July or earlier rise, these two bets will bring profits. So far, the relevant positions are concentrated in the August federal fund interest rate futures contract. A transaction on Tuesday added new risks to the market for Thursday. The buyer bought interest rate futures contracts worth $55,000, which would affect $2.3 million for every one basis point fluctuation. This means that if the market's probability of a rate cut in July rises to 50%, the bettor can make about $28 million in profit. There was a similar bulk trade last week that could affect $1.25 million for every one basis point change. The number of open positions in August contracts is now well above 400,000, the highest level in history.