(Reuters) - U.S. short-term interest-rate futures contracts gained, even as the Federal Reserve said it would be “patient” before embarking on the U.S. central bank’s first round of rate hikes in a decade.
The contracts show traders see an even chance the first Fed rate hike will come in September 2015, based on CME FedWatch, which tracks rate hike expectations using its Fed funds futures contracts.
But traders gave a September rate hike just a 50 percent chance, compared with a 60 percent probability seen before the Fed statement.
The Fed has kept short-term rates near zero for six years.
Reporting by Ann Saphir; Editing by Jeffrey Benkoe