The CME Group FedWatch probability for a June rate hike fell after the April jobs report missed estimates.
In April, the U.S. economy added 160,000 jobs, far below economist estimates of 202,000. Following the news the odds of a near-term rate hike plummeted, according to traders tracked by the CME.
Before the announcement, the market estimated a 10 percent chance of a June rate hike, but those odds now stand at 6 percent.
Thirty-day fed funds futures prices are widely considered a reliable indicator of U.S. monetary policy changes. CME's FedWatch tool tracks the target rates based on fed funds futures contract prices.
A reading above 50 percent indicates the market's guess for the next rate hike.
After the announcement, the market pushed out its estimates for the next rate hike:
At its March meeting, the FOMC projected that there would be two rate hikes this year, an estimate many in the market still doubt.