Expectations for Fed rate hikes in 2016 rose Friday after a jobs report that came in far ahead of Wall Street expectations.
Fed funds futures indicated a 52 percent chance of a rate hike in March, according to the CME Group's FedWatch site.
After the turmoil in China's markets earlier this week, those expectations had dropped into the low-40s range, and futures were instead indicating the first better-than-average chance of the next rate hike in June.
RBS said its interpretation of overnight index swaps suggested the market was now pricing in one rate hike and a 90 percent chance of a second hike this year. There had only been a 70 percent expectation for a second hike as of Thursday.