Straightforward readings of the pricing of fed funds futures could be misleading because of the presence of risk premia and persistent errors in market expectation : these difficulties were particularly pronounced during turns of the interest rate and business cycles 由于存在风险溢价的因素及市场预期持续出现误差，因此若是用直截了当的方法来解读联邦基金期货利率，可能会造成误导遇到利率及商业周期转向的时候，这方面的困难更为明显。
