U.S. rate futures trim gains after GDP data

November 29, 2016 8:50 AM EST

A customer checks his U.S. dollar notes in a bank in Cairo, Egypt March 10, 2016. REUTERS/Amr Abdallah Dalsh

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NEW YORK (Reuters) - U.S. interest rate futures pared earlier gains on Tuesday as the government's revision on third-quarter economic growth was stronger than forecast, supporting the view the Federal Reserve would raise interest rates in December and beyond.

Federal funds futures implied traders saw a 98 percent chance the U.S. central bank would raise short-term interest rates by a quarter point to 0.50-0.75 percent at its Dec. 13-14 meeting, compared with a 94 percent chance late on Monday, according to CME Group's FedWatch program.

(Reporting by Richard Leong)

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