August 2, 2019 / 12:30 PM / 4 months ago

MONEY MARKETS-Traders fully price in a U.S. rate cut in September

NEW YORK, Aug 2 (Reuters) - U.S. interest rates futures held their earlier gains on Friday ahead of the release of the U.S. July payrolls report, as traders anticipated the Federal Reserve would lower short-term borrowing costs at its next policy meeting in September.

At 8:05 a.m. (1205 GMT), federal funds futures implied traders positioned for a 100% chance the U.S. central bank would reduce its target range on interest rates by a quarter point to 1.75%-2.00% in September, up from an implied 85% probability late on Thursday, CME Group’s FedWatch program showed. (Reporting by Richard Leong; Editing by Bernadette Baum)

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