September 3, 2019 / 2:38 PM / 19 days ago

MONEY MARKETS-U.S. rate futures rise as U.S. factory sector contracts

NEW YORK, Sept 3 (Reuters) - U.S. interest rate futures rose on Tuesday as a private industry report showed the U.S. manufacturing sector contracted for the first time since 2016 in August amid escalated trade tensions between China and the United States.

At 10:15 a.m. (1415 GMT), federal funds futures implied traders were fully positioned for the Federal Reserve to lower key borrowing costs later this month with a 10% possibility of a 50 basis-point decrease, according to CME Group’s FedWatch program. (Reporting by Richard Leong Editing by Chizu Nomiyama)

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