The CME Group FedWatch probability for a July rate hike dropped after the Federal Reserve lowered its forecast for the funds rate on Wednesday.
While the Fed still sees rates at 0.9 percent by the end of 2016, it is now looking for the funds rate to rise to 1.6 percent in 2017, as opposed to the 1.9 percent estimate in March.
Before the announcement, the market estimated a 21 percent chance of a July rate hike, but those odds, which dropped as low as 0 percent, now sit near 10 percent.
Traders tracked by the CME now see about a 26 percent chance of a September rate hike. They sat at a 35 percent chance before the statement.