Traders boost bets on earlier start to Fed rate cuts

March 8 (Reuters) - Traders on Friday boosted bets the Federal Reserve could start cutting interest rates May 1 after a government report showed U.S. employers added a robust 275,000 jobs last month, more than economists expected, but revised earlier data to show fewer jobs gained in prior months.

Futures contracts that settle to the Fed policy rate now point to about a 30% chance of an earlier May 1 start, up from about 27% before the report. They currently imply an 80% chance the Fed will start cutting interest-rates by mid-June, up from 75% before the report. (Reporting by Ann Saphir; Editing by Chizu Nomiyama)