Traders changed their interest rate expectations

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Traders reduced their expectations for an interest rate increase until December below 50 percent.
Money market futures traders drove the likelihood that the Fed would raise interest rates by December to less than 50 percent. Fed Chairman Janet Yellen lowered the outlook for growth and the tightening pace in policy.

According to calculations made by Bloomberg using federal fund futures contracts, the likelihood of Fed policy makers to increase the benchmark interest rate from near zero in September fell from 55 percent to 39 percent on Tuesday. Futures traders reduced the likelihood of an interest rate hike in June to 11 percent.

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