May 31, 2017 / 6:24 PM / 5 months ago

MONEY MARKETS-U.S. rates futures steady after Fed's Beige Book

NEW YORK, May 31 (Reuters) - U.S. interest rates futures were little changed on Wednesday after the Federal Reserve’s latest Beige Book showed regional economic activity grew at a modest or moderate pace across the country, supporting the view the Fed would raise rates in two weeks.

Federal funds futures implied traders saw an 87 percent chance the U.S. central bank would increase key overnight borrowing costs by a quarter point, to 1.00-1.25 percent, at its June 13-14 policy meeting . This was unchanged from the level prior to the release of the Beige Book for early April to late May and down a bit from Tuesday’s 92 percent, according to CME Group’s FedWatch tool. (Reporting by Richard Leong; Editing by Leslie Adler)

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