June 4, 2019 / 1:38 PM / 3 months ago

MONEY MARKETS-Traders trim U.S. rate-cut bets as Wall Street recovers

NEW YORK, June 4 (Reuters) - U.S. interest rates futures fell on Tuesday, reversing some of the prior day’s gains, as Wall Street opened higher following St. Louis Federal Reserve President James Bullard’s remarks that a rate cut may be “warranted soon” due to global trade tensions and low domestic inflation.

At 9:21 a.m. (1321 GMT), federal funds futures implied traders saw about a 51% chance the central bank would lower key lending rates by a quarter point to 2.00-2.25% at its July policy meeting. This compared with a perceived 63% likelihood of a rate decrease late on Monday, CME Group’s FedWatch program showed. (Reporting by Richard Leong Editing by Chizu Nomiyama)

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