June 3, 2019 / 2:39 PM / 2 months ago

MONEY MARKETS-Traders build bets Fed to cut U.S. rates in July

NEW YORK, June 3 (Reuters) - U.S. short-term interest rates futures jumped on Monday as traders increased their bets the Federal Reserve would begin lowering key lending rates next month to avert a recession due to growing global trade conflicts.

At 10:20 a.m. (1420 GMT), federal funds futures implied traders saw about a 53% chance the U.S. central bank would reduce key short-term borrowing costs by a quarter point to 2.00%-2.25% at its July 30-31 policy meeting. This was roughly the same level as on late Friday and compared with 18% a week earlier, CME Group’s FedWatch program showed. (Reporting by Richard Leong Editing by Chizu Nomiyama )

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