Fed funds futures plunged after the weak September jobs report, with the market now pricing the first better-than-average chance of a rate hike in March 2016.
According to the CME Group's FedWatch tool, markets are now pricing a 2 percent chance of a rate hike this month, versus 14 percent previously; a 29 percent chance in December versus 44 percent beforehand; 39 percent in January versus a prior 52 percent; and 51 percent next March.
The U.S. economy created 142,000 jobs in September, a number that badly missed expectations.
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While the FedWatch tool pointed to a March rate hike, RBS said swaps data suggested the market was pricing the first rate hike into June of next year.