Traders add to bets against further Fed rate hikes

U.S. short-term interest-rate futures erased earlier losses and swung higher on Wednesday after the Federal Reserve said it will be "patient" on future interest rate hikes.

Contracts tied to the Fed`s policy rate continued to price about a one-in-four chance of a 2019 Fed rate hike, and contracts maturing in 2020 were signalling a small but rising chance of a rate cut then.

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