Traders now see less than a 30 percent chance of even 1 rate hike at any Federal Reserve meeting this year, according to data from the CME Group.
The CME's FedWatch tool showed markets assigning no higher than a 28 percent chance of a hike at any meeting this year, and just a 31 percent chance of a hike at 2017's first meeting.
When it raised interest rates in December 2015, the Fed's 2016 projections suggested central bankers were anticipating four rate hikes this year.
But New York Fed president Bill Dudley warned Wednesday that financial conditions have tightened since December, which would weigh on the decisionmaking of the Federal Open Market Committee.
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