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NEW YORK, Feb 27 (Reuters) - Prices of U.S. short-term interest rate futures fell on Monday as traders raised their expectations the Federal Reserve will increase rates either in March or May after a central bank official said an interest rate increase may happen soon.
The Fed might need to raise interest rates in the near future to avoid falling behind the curve on inflation, Dallas Fed President Robert Kaplan said.
"Sooner rather than later means in the near future," Kaplan told reporters after speaking at an event with university students in Norman, Oklahoma. (Reporting by Richard Leong; Editing by Nick Zieminski)