Volume in the U.S. federal funds rate market climbed to its highest level in about a year and a half on Monday, indicating that the Federal Home Loan Bank (FHLB) is lending excess dollars in the market. Volume in the federal funds rate market rose to $119 billion as of Dec. 23, the highest level since July 2023, from $113 billion in the previous session, according to data released Tuesday by the New York Fed.