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U.S. rates futures pare losses after FOMC minutes

NEW YORK (Reuters) - U.S. short-term interest rates futures briefly pared earlier losses on Wednesday after the release of the Federal Reserve's minutes from its March 14-15 policy meeting which showed most policymakers think the Fed should take measures to reduce its $4.5 trillion bond holdings.

Federal funds futures for June delivery (FFM7) suggested traders saw a 66 percent chance the U.S. central bank would raise interest rates to 1.00-1.25 percent at its June 13-14 meeting, compared with 62 percent late on Tuesday, according to CME Group's FedWatch program.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)