U.S. short-term rate futures rallied after Friday's May payrolls report, cutting the implied chances of a June rate hike from the Federal Reserve after U.S. job creation was far below expectations. Chances for a June rate increase by the Fed shown by futures prices fell as low as 46 percent from 68 percent just before the data and as high as 80 percent this week.
The Labor Department said 75,000 non-farm payroll jobs were created in May versus Wall Street forecasts for 175,000; the jobless rate was fell unexpectedly to 4.6 percent.